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Client Alert |
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Trusts &
Estates Update
New York's Overhaul of Power of Attorney Law Produces
Significant Changes |
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Due to reports that misuse
of powers of attorney has caused financial abuse of the
elderly, New York dramatically altered its Power of
Attorney law, Title 15 of the New York General
Obligations Law. The new law was originally
scheduled to take effect on March 1, 2009, but that has
been delayed to September 1, 2009 in light of the
drastic modifications contained in the law and the need
for the general public and attorneys to comprehend its
sweeping implications. Fortunately, the new law is
not retroactive and powers of attorney signed prior to
the effective date remain valid.
Click Here to read the entire update. |
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