What's New: Power of Attorney Changes

Tuesday, December 1, 2009 at 4:10PM
Banking Spectrum in Compliance, Operations, What's New

The New York State legislature made sweeping changes to the Power of Attorney law, which went into effect September 1, 2009. The changes to the law require documents which are much more complex than the short form power of attorney under the old law. One major change, for example, is the use of a Statutory Major Gifts Rider for granting gifts of $500 or more. The new short form also affords principals increased protection by allowing the designation of co-agents as well as a person to monitor the agent. These changes and additional information on the new law can be found at New York Rules.

Article originally appeared on Banking Spectrum (https://www.bankingspectrum.com/).