New York Trusts & Estates Law Blog

Gerry Beyer notes on his blog that New York’s new power of attorney law is set to take affect on March 1, 2009 (absent a postponement, which is being considered in Albany).

Note that the phrase “attorney-in-fact” has been replaced in the statute and the short form with “agent” — this is in accordance with the Ferrara decision (7 NY3d 244 (2006)) holding that an attorney-in-fact is a fiduciary and must act in the principal’s best interest.

Oddly, though, no one seems to mention that beginning March 1, 2009, New York will have one power of attorney short form, not three. The power of attorney can be durable, nondurable, or springing. But unless otherwise specified in the Modifications section, the power of attorney is durable.

Related posts:

1. New York’s revised power of attorney statute (#2)
2. Power of attorney created under the old New York statute still valid after 9/1/09
3. Will New York revise the power of attorney law again?
4. New York Power of Attorney and Statutory Major Gifts Rider forms
5. “Major revisions to New York Power of Attorney Law” in the Nassau Lawyer