2021 NY Power of Attorney Law Changes
Monday, May 10, 2021 On December 15, 2020, Governor Cuomo signed into law changes to the New York power of attorney (“POA”) law, which will take effect on June 13, 2021. These changes will not impact the validity of an existing POA form and statutory gift rider (“SGR”) if it is executed in accordance with the provisions of the current law. The most notable revisions that will affect the POA moving forward are the substantial conformity standard, eliminating the separate SGR, penalties when valid POAs are unreasonably denied, and safe harbors for third parties acting in good ...
Source: natlawreview.com