New York S 4549: Relates to requiring principals to notify co-trustees and co-beneficiaries of the signing of a power of attorney

Bill Text

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S04549 Summary:

BILL NOS04549 

&nbsp

SAME ASSAME AS A08430

&nbsp

SPONSORSKOUFIS

&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 S04549 Actions:

BILL NOS04549 

&nbsp

02/06/2025REFERRED TO JUDICIARY

03/11/20251ST REPORT CAL.542

03/12/20252ND REPORT CAL.

03/13/2025ADVANCED TO THIRD READING 

06/13/2025COMMITTED TO RULES

01/07/2026REFERRED TO JUDICIARY

Go to topS04549 Committee&nbspVotes:

Go to topS04549 Floor&nbspVotes:

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

Go to topS04549 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4549

 2025-2026 Regular Sessions

 IN SENATE

 February 6, 2025
 ___________

 Introduced by Sen. SKOUFIS -- read twice and ordered printed, and when
 printed to be committed 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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