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Sponsors
No co-sponsors yet.
History
- Substituted by A11316
- Ordered to third reading cal.1205
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires the person establishing a lifetime trust to execute and acknowledge such trust
Signed by Governor · Sponsor David Weprin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8298
Title of bill
An act to amend the estates, powers and trusts law, in relation to the execution and acknowledgment of lifetime trusts
Purpose of bill
This bill amends EPTL § 7-1.17 to clarify that a lifetime trust must be executed by the person establishing such trust, who need not be the "creator" of such trust as defined in EPTL § 1-2.2.
Justification
EPTL § 7-1.17 was enacted in 1997 to require that lifetime trusts, in order to be valid, must be in writing and either acknowledged or witnessed by two witnesses. The section requires that the trust must be executed by the "initial creator" of the trust, which inadvertently invokes the definition of "creator" in EPTL § 1-2.2: "A creator is a person who makes a disposition of property."
The law is well established in this state that a trust may be created by a person other than the person who contributes property to the trust. For example, an executor may be authorized to create a trust for a beneficiary to receive property disposed of by a decedent's will. In such case, the decedent would be considered the "creator" pursuant to EPTL § 1-2.2, and under a literal reading of existing EPTL § 7-1.17, the executor would be unable to create the trust.
This bill would delete the phrases "initial creator" and "such creator" and replace them with "person establishing such trust" and "such person", thereby carrying out the intention of the 1997 legislation and eliminating the problem created by the inadvertent use of the word "creator".
Legislative history
New bill, 2010.
Fiscal implications for state and local governments
None.
Effective date
Immediately and shall apply to all lifetime trusts created on or after December 25, 1997.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.