On August 15, 2010, Governor Paterson's office issued a press release announcing he had signed the bill to amend New York's power of attorney law. The amendments clarify, among other things, the situations when a power of attorney must comply with the heightened requirements in the statute, and eliminate the automatic revocation of previously-executed powers of attorney.

The amendments will become effective on September 12, 2010 and will be deemed to have been in effect on and after September 1, 2009 when the new power of attorney bill originally became effective (see Legal Update, NY's New Power of Attorney Law Goes Into Effect on September 1, 2009). However, any statutory short form power of attorney and any statutory gifts rider executed after August 31, 2009 remain valid. In addition, any revocation of a prior power of attorney delivered to the agent before September 12, 2010 will remain valid.

For more information on the amendments, see Legal Update, NY State Assembly Passes Bill to Amend Power of Attorney Law.