Requires principals to make a good faith effort to identify and notify co-trustees and co-beneficiaries of the signing of a power of attorney including the identity of the agent where the agent is not a co-trustee or co-beneficiary.
STATE OF NEW YORK
________________________________________________________________________
7708--A
2023-2024 Regular Sessions
IN ASSEMBLY
June 6, 2023
___________
Introduced by M. of A. ZEBROWSKI -- read once and referred to the
Committee on Judiciary -- recommitted to the Committee on Judiciary in
accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the general obligations law, in relation to requiring
principals and beneficiaries to notify co-trustees and co-beneficiar-
ies of the signing of a power of attorney
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The general obligations law is amended by adding a new
2 section 5-1515 to read as follows:
3 § 5-1515. Duty to notify other trustees and beneficiaries. 1. When a
4 principal, who is a trustee of a trust, signs a power of attorney which
5 allows the agent to affect such trust and the agent is not a co-trustee
6 of such trust, the principal shall make a good faith effort to identify
7 and notify in writing all other co-trustees of the signing of a power of
8 attorney and identify the person assigned as the principal's agent.
9 2. When a principal, who is a beneficiary of a trust, signs a power of
10 attorney and the agent is not a co-beneficiary of such trust, the prin-
11 cipal shall notify in writing all other co-beneficiaries of the signing
12 of a power of attorney and identify the person assigned as the princi-
13 pal's agent. If the principal cannot identify or contact a co-benefici-
14 ary after good faith efforts were made, the principal must attest to the
15 efforts made to identify and/or contact co-beneficiaries.
16 § 2. This act shall take effect on the thirtieth day after it shall
17 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06926-04-3