New York A08430 requires principals to notify co-trustees and co-beneficiaries of a power of attorney, including the agent's identity if they are not.

New York A08430 amends the general obligations law by adding a new section 5-1515. This section mandates that when a principal, who is a trustee of a trust, signs a power of attorney allowing the agent to affect the trust and the agent is not a co-trustee, the principal must make a good faith effort to identify and notify all other co-trustees in writing. Similarly, if the principal is a beneficiary of a trust and signs a power of attorney with an agent who is not a co-beneficiary, the principal must notify all other co-beneficiaries in writing and identify the agent.

New York A08430 requires principals to notify co-trustees and co-beneficiaries of a power of attorney, including the agent's identity if they are not.

New York A08430 amends the general obligations law by adding a new section 5-1515. This section mandates that when a principal, who is a trustee of a trust, signs a power of attorney allowing the agent to affect the trust and the agent is not a co-trustee, the principal must make a good faith effort to identify and notify all other co-trustees in writing. Similarly, if the principal is a beneficiary of a trust and signs a power of attorney with an agent who is not a co-beneficiary, the principal must notify all other co-beneficiaries in writing and identify the agent.