Elder Law Resources:

New Power of Attorney Law

The new power-of-attorney law contains several major changes relating to the execution and form of New York Statutory Form Powers of Attorney. The current statutory form power of attorney has now been broken down into two separate forms. The first form is similar to the old statutory power of attorney but now only provides for essentially the non-gifting powers of an agent. The second form, known as a Statutory Major Gift Rider (SMGR), provides optional gifting powers and limits of an agent. The link to the text of the new law as it was presented for Governor Paterson’s signature is http://www.nysba.org/POALeg.