Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 04, 2019 |
signed chap.352 |
Oct 01, 2019 |
delivered to governor |
Jun 03, 2019 |
returned to senate passed assembly ordered to third reading cal.447 substituted for a7519 |
May 22, 2019 |
referred to judiciary delivered to assembly passed senate |
May 20, 2019 |
advanced to third reading |
May 15, 2019 |
2nd report cal. |
May 14, 2019 |
1st report cal.705 |
May 03, 2019 |
referred to judiciary |
Senate Bill S5513
Signed By Governor2019-2020 Legislative Session
Sponsored By
(D, WF) 47th Senate District
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
Actions
Votes
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) - Sponsor Memo
BILL NUMBER: S5513 SPONSOR: HOYLMAN TITLE OF BILL: 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 This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of his Matrimoni- al Practice Advisory and Rules Committee. This measure would (1) clarify the relationship between EPTL sections 3-3.7 and 7-1.18, and (2) amend EPTL 3-3.7 in relation to the making of a pour over bequest to a trust in a will. EPTL 3-3.7, which permits a decedent's will to "pour over" probate assets to a revocable amendable trust, was enacted in 1965 as section 47-g of the Decedent Estate Law upon the recommendation of the New York Temporary Commission on Estates (the Bennett Commission). In making its recommendation (which adopted, basically verbatim, the 1960 version of the Uniform Testamentary Addi- tions to Trust Act), the Bennett Commission made it clear that it had (1) specifically considered whether the trust to which the will would pour over had to be funded during lifetime, (2) decided against requir- ing such funding, and (3) expressed that decision by adopting the
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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