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Sponsors
Senator · Senate District 42
No co-sponsors yet.
History
- Substituted by A6024A
- Advanced to third reading
- 2nd report cal.
- 1st report cal.588
- Referred to judiciary
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.
Establishes the time periods for the payment of legacies to genetic children of the decedent without the accrual of interest
Signed by Governor · Sponsor Helene Weinstein
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5160
Title of bill
An act to amend the estates, powers and trusts law, in relation to payment of interest on delayed legacies to genetic children of the decedent
Purpose of bill
This bill establishes the commencement date for payment of a legacy with interest to a genetic posthumous child of a decedent entitled to inherit under Section 4-1.3 of the Estates Powers and Trusts Law.
Summary of provisions of bill
This legislation amends paragraph 3 of Section 11-A-2.1 of the Estates Powers and Trusts Law (EPTL), as amended by Chapter 404 of the laws of 2014 as follows:
If letters are not required interest upon a pecuniary gift left to a genetic posthumous child who is entitled to inherit will commence upon the later of seven months from the date of death (or date upon which the beneficiary has a right to receive such payment) or the genetic child's date of birth.
If letters are required, whether they are final, preliminary or temporary, the right to interest on a pecuniary gift left to a genetic posthumous child who is entitled to inherit will commence upon the later of seven months after the issuance of letters or the genetic child's date of birth.
Justification
When Chapter 404 of the Laws of 2014 (A.1185/5.4952) was drafted, there were no provisions in law to allow a genetic posthumous child to inherit. Just prior to Chapter 404 becoming law, Chapter 439 of the Laws of 2014 (A.7461-A/S.04779-B) was signed by the Governor, establishing a way for posthumous genetic children to inherit pursuant to the requirements of Section 4-1.3 of the EPTL. Therefore, it is necessary to harmonize the provisions of Chapter 404 with those of Chapter 439.
Legislative history
New bill, 2015.
Fiscal implications for state and local governments
None.
Effective date
This act shall take effect immediately and shall be deemed to have been in full force and effect on and after December 20, 2014 and shall apply to estates of the decedents who shall have died on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.