New York A 8430: Relates to requiring principals to notify co-trustees and co-beneficiaries of the signing of a power of attorney

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A08430 Summary:

BILL NOA08430 

&nbsp

SAME ASSAME AS S04549

&nbsp

SPONSORCarroll P

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §5-1515, Gen Ob L

&nbsp

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.

Go to top A08430 Actions:

BILL NOA08430 

&nbsp

05/15/2025referred to judiciary

01/07/2026referred to judiciary

Go to topA08430 Committee&nbspVotes:

Go to topA08430 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA08430 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8430

 2025-2026 Regular Sessions

 IN ASSEMBLY

 May 15, 2025
 ___________

 Introduced by M. of A. P. CARROLL -- read once and referred to the
 Committee on Judiciary

 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.
 LBD08773-01-5

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