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Monday, May 10, 2021 On December 15, 2020, Governor Cuomo signed into law changes to the New York power of attorney (“POA”) law, which will take effect on June 13, 2021. These changes will not impact the validity of an existing POA form and statutory gift rider (“SGR”) if it is executed in accordance with the provisions of the current law. The most notable revisions that will affect the POA moving forward are the substantial conformity standard, eliminating the separate SGR, penalties when valid POAs are unreasonably denied, and safe harbors for third parties acting in good faith. The changes to the POA law also greatly expand both an agent’s authority regarding health care and a principal’s capacity to grant authority over health care finances.

New yorkUnited statesGovernor cuomoMajor changesNew york powerConformity standardNew york general obligations lawStatutory gift riderShort formUnreasonable refusalValid power of attorneyThird parties actingGood faithFactual knowledgeபுதியது யார்க்ஒன்றுபட்டது மாநிலங்களில்