A 8430: 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.

  
  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