Senate Bill S5513

Signed By Governor
2019-2020 Legislative Session

Relates to testamentary disposition to trustee under, or in accordance with, terms of existing inter vivos trust

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S5513 (ACTIVE) - Details

See Assembly Version of this Bill:
A7519
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §3-3.7, EPT L

2019-S5513 (ACTIVE) - Summary

Relates to testamentary disposition to trustee under, or in accordance with, terms of existing inter vivos trust and the timing of the transfer of assets and signing of the will.

2019-S5513 (ACTIVE) - Sponsor Memo

2019-S5513 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5513
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                May 3, 2019
                                ___________
 
 Introduced  by Sen. HOYLMAN -- (at request of the Office of Court Admin-
   istration) -- read twice and ordered printed, and when printed  to  be
   committed to the Committee on Judiciary
 
 AN  ACT  to  amend  the  estates,  powers and trusts law, in relation to
   testamentary disposition to trustee  under,  or  in  accordance  with,
   terms of existing inter vivos trust
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3-3.7 of the estates, powers and trusts law,  para-
 graph (a) as amended by chapter 139 of the laws of 1997 and such section
 as  renumbered by chapter 472 of the laws of 1967, is amended to read as
 follows:
 § 3-3.7 Testamentary disposition to trustee under, or in accordance with
           terms of existing inter vivos trust
   (a) A testator [or testatrix] may by will dispose of or appoint all or
 any part of [his or her] SUCH TESTATOR'S estate to a trustee of a trust,
 the terms of which are evidenced by a written instrument executed by the
 testator [or testatrix], the testator  [or  testatrix]  and  some  other
 person,  or  some  other  person,  including a trust established for the
 receipt of the proceeds of an annuity or pure endowment contract, or  of
 a  thrift,  savings, pension, retirement, death benefit, stock bonus, or
 profit-sharing plan or system or a funded or unfunded life, group  life,
 industrial  life  or  accident  and health insurance trust (although the
 [settlor] PERSON ESTABLISHING SUCH TRUST has reserved any or all  rights
 of  ownership of the insurance contracts), regardless of [the existence,
 size or character of the corpus of such insurance trust or other  trust]
 WHETHER ANY ASSETS HAVE BEEN TRANSFERRED TO THE TRUST PRIOR TO THE DEATH
 OF THE TESTATOR; provided that [such] THE trust instrument is IDENTIFIED
 IN  THE  WILL AND IS executed BY THE PERSON ESTABLISHING THE TRUST PRIOR
 TO OR CONTEMPORANEOUSLY WITH THE EXECUTION OF THE WILL AND, UNLESS  SUCH
 PERSON IS THE SOLE TRUSTEE, BY AT LEAST ONE TRUSTEE THEREOF PRIOR TO THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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