Title EPT, Estates, Powers & Trusts

§ 6-3.2 Kinds of future estates\n (a) Future estates are divided into:\n (1) Estates left in the creator, consisting of:\n (A) Reversions.\n (B) Possibilities of reverter.\n (C) Rights of reacquisition.\n (2) Estates in favor of a person other than the creator, namely\nremainders…

§ 6-3.3 Concerning the creation of certain future estates\n (a) Subject to the provisions of article 9:\n (1) An estate may be created to commence at a future time.\n (2) An estate for life may be created in a term of years and a future\nestate limited thereon.\n (3) A future est…

§ 6-3.4 When future estates are created\n A future estate is created when the disposition creating it becomes\nlegally effective.\n

§ 6-4.1 Definition of an estate in possession\n An estate in possession is an estate which entitles the owner to the\nimmediate possession of property.\n

§ 6-4.10 Definition of a future estate subject to a condition precedent\n A future estate subject to a condition precedent is an estate created\nin favor of one or more unborn or unascertained persons or in favor of\none or more presently ascertainable persons upon the occurrence…

§ 6-4.2 Definition of a future estate\n A future estate is an estate limited to commence in possession at a\nfuture time, either without the intervention of a precedent estate or on\nthe determination, by lapse of time or otherwise, of a precedent estate\ncreated at the same time…

§ 6-4.3 Definition of a remainder\n A remainder is a future estate, as defined in 6-4.2, created in favor\nof a person other than the creator.\n

§ 6-4.4 Definition of a reversion\n A reversion is the future estate, other than a possibility of reverter\nand a right of reacquisition, left in the creator or in his successors\nin interest upon the simultaneous creation of one or more lesser estates\nthan the creator originall…

§ 6-4.5 Definition of a possibility of reverter\n A possibility of reverter is the future estate left in the creator or\nin his successors in interest upon the simultaneous creation of an\nestate that will terminate automatically within a period of time defined\nby the occurrence…

§ 6-4.6 Definition of a right of reacquisition\n A right of reacquisition is the future estate left in the creator or\nin his successors in interest upon the simultaneous creation of an\nestate on a condition subsequent.\n

§ 6-4.7 Definition of a future estate indefeasibly vested\n A future estate indefeasibly vested is an estate created in favor of\none or more ascertained persons in being which is certain when created\nto become an estate in possession whenever and however the preceding\nestates …

§ 6-4.8 Definition of a future estate vested subject to open\n A future estate vested subject to open is an estate created in favor\nof a class of persons, one or more of whom are ascertained and in being,\nwhich is certain when created to become an estate in possession whenever\…

§ 6-4.9 Definition of a future estate vested subject to complete\n defeasance\n A future estate vested subject to complete defeasance is an estate\ncreated in favor of one or more ascertained persons in being, which\nwould become an estate in possession upon the expiration of the…

§ 6-5.1 Characteristics of future estates\n Future estates are descendible, devisable and alienable, in the same\nmanner as estates in possession.\n

§ 6-5.10 When future estates are defeated\n A future estate cannot be defeated or barred by any disposition or\nother act of the owner of the precedent estate, nor by the destruction\nof such precedent estate by disseizen, forfeiture, surrender, merger or\notherwise; but a future…

§ 6-5.11 Non-destructibility of remainders subject to a condition\n precedent\n A remainder is not defeated by the determination of a precedent estate\nbefore the occurrence of the condition precedent on which the remainder\nwas limited to take effect. If such condition precedent…

§ 6-5.12 Future rents and profits subject to rules governing future\n estates\n A disposition of the rents, profits or other income from property\naccruing at any time subsequent to the execution of the instrument\ncreating such disposition is subject to the rules governing futur…

§ 6-5.2 Power of appointment not to prevent vesting\n The existence of an unexecuted power of appointment does not prevent\nthe vesting of a future estate, limited in default of the execution of\nthe power.\n

§ 6-5.3 Future estates in the alternative\n Two or more future estates may be created to take effect in the\nalternative, so that if the first in order fails to vest, the next in\nsuccession is substituted for it and takes effect accordingly.\n

§ 6-5.4 Implication of cross remainders between tenants in common\n When a limitation, if contained in a will, would create a tenancy in\ncommon, with implied cross remainders, a like limitation, if contained\nin a deed, has the same effect.\n

§ 6-5.5 Future estate valid though contingency improbable\n A future estate, otherwise valid, shall not be void on the ground of\nthe improbability of the contingency on which it is limited to take\neffect.\n

§ 6-5.6 Meaning of heirs, distributees and issue in certain remainders\n When a remainder is limited to take effect on the death of any person\nwithout heirs, heirs of the body, distributees or issue, the word\n"heirs", "heirs of the body", "distributees" or "issue" mean such\npe…

§ 6-5.7 Posthumous children\n (a) Where a future estate is limited to children, distributees, heirs\nor issue, posthumous children are entitled to take in the same manner as\nif living at the death of their ancestors.\n (b) A future estate conditioned upon the death of a person w…

§ 6-5.8 Heirs or distributees of life tenant take as purchasers\n When a remainder is limited to the heirs, heirs of the body or\ndistributees of a person to whom a life estate in the same property is\ngiven, the persons who, on the termination of the life estate, are the\nheirs,…

§ 6-5.9 Heirs or distributees of creator take as purchasers\n Where a remainder is limited to the heirs or distributees of the\ncreator of an estate in property, such heirs or distributees take as\npurchasers.\n

§ 6-6.1 Application\n This part applies to the disposition at death by a married person of\nall or the proportionate part of any personal property wherever situated\nwhich was acquired as or became, and remained, community property under\nthe laws of another jurisdiction, and any…

§ 6-6.2 Rebuttable presumptions\n In determining whether this part applies to specific property acquired\nduring a marriage by a spouse of that marriage the following rebuttable\npresumptions apply:\n (a) Property acquired while domiciled in a jurisdiction under whose\nlaws prope…

§ 6-6.3 Disposition upon death\n Upon the death of a married person, one-half of the property to which\nthis part applies is the property of the surviving spouse and is not\nsubject to testamentary disposition by the decedent nor to the laws of\ndescent and distribution. One-half…

§ 6-6.4 Perfection of title\n (a) If the title to any property to which this part applies was held\nby the decedent at the time of death, title of the surviving spouse may\nbe perfected by an order of the surrogate's court having jurisdiction\nover the decedent's estate or by exe…

§ 6-6.5 Purchaser for value or lender\n (a) If a surviving spouse has apparent title to property to which this\npart applies, a purchaser for value or a lender taking a security\ninterest in the property takes his interest in the property free of any\nrights of the personal repre…

§ 6-6.6 Effect and construction of part\n This part does not effect rights of creditors nor prevent married\npersons from severing or altering their interests in property nor\nauthorize testamentary dispositions of property otherwise limited or\nprohibited by law, and shall be so…

§ 6-6.7 Short title\n This part may be cited as "The New York uniform disposition of\ncommunity property rights at death act".\n

§ 7-1.1 When trust interests not to merge\n A trust is not merged or invalid because a person, including but not\nlimited to the creator of the trust, is or may become the sole trustee\nand the sole holder of the present beneficial interest therein, provided\nthat one or more oth…

§ 7-1.10 Provision by non-domiciliary creator as to law to govern trust\n (a) Whenever a person, not domiciled in this state, creates a trust\nwhich provides that it shall be governed by the laws of this state, such\nprovision shall be given effect in determining the validity, ef…

§ 7-1.11 Application of principal to creator of trust as reimbursement\n for taxes\n (a) Notwithstanding any contrary provision of law, the trustee of an\nexpress trust, unless otherwise provided in the disposing instrument,\nmay, from time to time, pay from principal to the crea…

§ 7-1.12 Supplemental needs trusts established for persons with severe\n and chronic or persistent disabilities\n (a) Definitions: When used in this section, unless otherwise expressly\nstated or unless the context otherwise requires:\n (1) "Developmental disability" means develo…

§ 7-1.13 Division of trusts and establishment of separate trusts\n (a) Notwithstanding any contrary provision of law, unless expressly\nprohibited by the terms of the disposing instrument:\n (1) the trustee of an express trust (which term as defined in\nparagraph (g) of this sect…

§ 7-1.14 Who may make a lifetime trust\n Any person, as defined in 1-2.12, may by lifetime trust dispose of\nreal and personal property. A natural person who creates a lifetime\ntrust shall be eighteen years of age or older.\n

§ 7-1.15 What property may be disposed of by lifetime trust\n Every estate in property may be disposed of by lifetime trust.\n

§ 7-1.16 Revocation of lifetime trust by will\n A lifetime trust shall be irrevocable unless it expressly provides\nthat it is revocable. In addition to the method set forth in 7-1.17, a\nrevocable lifetime trust can be revoked or amended by an express\ndirection in the creator's…

§ 7-1.17 Execution, amendment and revocation of lifetime trusts\n (a) Every lifetime trust shall be in writing and shall be executed and\nacknowledged by the person establishing such trust and, unless such\nperson is the sole trustee, by at least one trustee thereof, in the\nmann…

§ 7-1.18 Funding of lifetime trust\n A lifetime trust shall be valid as to any assets therein to the extent\nthe assets have been transferred to the trust. For purposes of this\nsection, (a) transfer is not accomplished by recital of assignment,\nholding or receipt in the trust i…

§ 7-1.19 Application for termination of uneconomical trust\n (a) Notwithstanding sections 7-1.5 and 7-2.4 of this article or any\nother contrary provision of law:\n (1) Any trustee or beneficiary of a lifetime or testamentary express\ntrust (other than a wholly charitable trust) …

§ 7-1.2 Trustee of passive trust not to take\n Every disposition of property shall be made directly to the person in\nwhom the right to possession and income is intended to be vested and not\nto another in trust for such person, and if made to any person in trust\nfor another, no…

§ 7-1.3 Purchase-money resulting trust abolished\n (a) A disposition of property to one person for a valuable\nconsideration paid, in whole or in part, by another is presumed\nfraudulent as against the creditors of the payor at the time of such\ndisposition and, unless the presum…

§ 7-1.4 Purposes for which trust may be created\n An express trust may be created for any lawful purpose.\n

§ 7-1.5 When trust interest inalienable; exception\n (a) The interest of the beneficiary of any trust may be assigned or\notherwise transferred, except that:\n (1) The right of a beneficiary of an express trust to receive the\nincome from property and apply it to the use of or pa…

§ 7-1.6 Application of principal to income beneficiary\n (a) Notwithstanding any contrary provision of law, the court having\njurisdiction of an express trust, heretofore created or declared, to\nreceive the income from property and apply it to the use of or pay it to\nany person…

§ 7-1.7 Interest remaining in creator of trust\n Every legal estate and interest not embraced in an express trust and\nnot otherwise disposed of remains in the creator.\n

§ 7-1.8 Duration of trust for benefit of creditors\n (a) Where an estate in real property has heretofore vested or shall\nhereafter vest in an assignee or other trustee for the benefit of\ncreditors, it shall cease at the expiration of ten years from the time\nthe trust was creat…