Long awaited changes to the New York State Power of Attorney regulations were signed into law by Governor Cuomo on December 15, 2020. The bill, a major overhaul of the existing power of attorney legislation, will substantially change the format and enforceability of the current document in a few key ways.
Most significantly, the power of attorney will be condensed from the current two-document format of the Short Form and Statutory Gifts Rider, to a single, more user friendly document format. Witness requirements will be simplified and banks and other financial institutions could face penalties for unreasonable refusal to accept the power. The new law also creates a presumption in favor of the validity of a power of attorney form. The new provisions will also allow the document to be executed on behalf of a client who has a physical inability to sign the paperwork.
