S T A T E O F N E W Y O R K
________________________________________________________________________
7662
2023-2024 Regular Sessions
I N A S S E M B L Y
May 31, 2023
___________
Introduced by M. of A. WEINSTEIN -- read once and referred to the
Committee on Judiciary
AN ACT to amend the estates, powers and trusts law, in relation to
including transfer-on-death securities as testamentary substitutes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The opening paragraph of subparagraph 1 of paragraph (b) of
section 5-1.1-A of the estates, powers and trusts law, as amended by
chapter 515 of the laws of 1993, is amended to read as follows:
Where a person dies after August thirty-first, nineteen hundred nine-
ty-two and is survived by a spouse who exercises a right of election
under paragraph (a), the transactions affected by and property interests
of the decedent described in clauses (A) through [(H)](I), whether bene-
fiting the surviving spouse or any other person, shall be treated as
testamentary substitutes and the capital value thereof, as of the
decedent's death, shall be included in the net estate subject to the
surviving spouse's elective right except to the extent that the surviv-
ing spouse has executed a waiver of release pursuant to paragraph (e)
with respect thereto. Notwithstanding the foregoing, a transaction,
other than a transaction described in clause (G), that is irrevocable or
is revocable only with the consent of a person having a substantial
adverse interest (including any such transactions with respect to which
the decedent retained a special power of appointment as defined in
10-3.2), will constitute a testamentary substitute only if it is
effected after the date of the marriage.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11685-01-3