Title EPT, Estates, Powers & Trusts

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

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

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

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

§ 6-4.10 Definition of a future estate subject to a condition precedent A future estate subject to a condition precedent is an estate created in favor of one or more unborn or unascertained persons or in favor of one or more presently ascertainable persons upon the occurrence of …

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

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

§ 6-4.4 Definition of a reversion A reversion is the future estate, other than a possibility of reverter and a right of reacquisition, left in the creator or in his successors in interest upon the simultaneous creation of one or more lesser estates than the creator originally own…

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

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

§ 6-4.7 Definition of a future estate indefeasibly vested A future estate indefeasibly vested is an estate created in favor of one or more ascertained persons in being which is certain when created to become an estate in possession whenever and however the preceding estates end a…

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

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

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

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

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

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

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

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

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

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

§ 6-5.6 Meaning of heirs, distributees and issue in certain remainders When a remainder is limited to take effect on the death of any person without heirs, heirs of the body, distributees or issue, the word "heirs", "heirs of the body", "distributees" or "issue" mean such persons…

§ 6-5.7 Posthumous children (a) Where a future estate is limited to children, distributees, heirs or issue, posthumous children are entitled to take in the same manner as if living at the death of their ancestors. (b) A future estate conditioned upon the death of a person without…

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

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

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

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

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

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

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

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

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

§ 7-1.1 When trust interests not to merge A trust is not merged or invalid because a person, including but not limited to the creator of the trust, is or may become the sole trustee and the sole holder of the present beneficial interest therein, provided that one or more other pe…

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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