Title EPT, Estates, Powers & Trusts

§ 1-1.1 Short title; how cited This chapter shall be known as the Estates, Powers and Trusts Law and may be cited as EPTL. A section of this law may be cited by article, part and section number, to wit, EPTL 1-1.1, which refers to article 1, part 1, section 1, without being prece…

§ 1-1.2 References Unless otherwise stated, all references in this chapter to article, part or section number refer to the articles, parts or section numbers of this chapter, and all references in any section of this chapter to a lettered or numbered paragraph or subparagraph ref…

§ 1-1.3 Rules governing use of certain words In this chapter, unless the context otherwise requires: (a) Words in the singular number include the plural, and in the plural include the singular. (b) Words of the masculine gender include the feminine and the neuter, and when the se…

§ 1-1.4 Severability If any provision of this chapter or application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of this chapter which can be given effect without regard to the invalid provision or appl…

§ 1-1.5 Application Unless otherwise stated therein, the provisions of this chapter apply to the estates, and to instruments making dispositions or appointments thereof, of persons living on its effective date or born subsequent thereto, without regard to the date of execution of…

§ 1-2.1 Codicil A codicil is a supplement to a will, either adding to, taking from or altering its provisions or confirming it in whole or in part by republication, but not totally revoking such will.

§ 1-2.10 Issue (a) Unless a contrary intention is indicated: (1) Issue are the descendants in any degree from a common ancestor. (2) The terms "issue" and "descendants", in subparagraph (1), include adopted children.

§ 1-2.11 Per capita A disposition or distribution of property is per capita when it is made to persons, each of whom is to take in his own right an equal portion of such property.

§ 1-2.12 Person The term "person" includes a natural person, an association, board, any corporation, whether municipal, stock or non-stock, court, governmental agency, authority or subdivision, partnership or other firm and the state.

§ 1-2.13 Personal representative A personal representative is a person who has received letters to administer the estate of a decedent. The term does not include an assignee for the benefit of creditors, or a committee, conservator, curator, custodian, guardian, trustee or donee …

§ 1-2.14 Per stirpes\n A per stirpes disposition or distribution of property is made to\npersons who take as issue of a deceased ancestor in the following\nmanner:\n The property so passing is divided into as many equal shares as there\nare (i) surviving issue in the generation n…

§ 1-2.15 Property Property is anything that may be the subject of ownership, and is real or personal property.

§ 1-2.16 Representation\n By representation means a disposition or distribution of property made\nin the following manner to persons who take as issue of a deceased\nancestor:\n The property so passing is divided into as many equal shares as there\nare (i) surviving issue in the …

§ 1-2.17 Specific disposition. A specific disposition is a disposition of a specified or identified item of the testator's property.

§ 1-2.18 Testamentary beneficiary A testamentary beneficiary is a person in whose favor a disposition of property is made by will.

§ 1-2.19 Will * (a) A will is an oral declaration or written instrument, made as prescribed by 3-2.1 or 3-2.2 to take effect upon death, whereby a person disposes of property or directs how it shall not be disposed of, disposes of his body or any part thereof, exercises a power, …

§ 1-2.2 Creator A creator is a person who makes a disposition of property.

§ 1-2.20 Lifetime trust The term "lifetime trust" shall mean an express trust and all amendments thereto created other than by will and shall not include; a trust for the benefit of creditors, a resulting or constructive trust, a business trust where certificates of beneficial in…

§ 1-2.3 Demonstrative disposition A demonstrative disposition is a testamentary disposition of property to be taken out of specified or identified property.

§ 1-2.4 Disposition A disposition is a transfer of property by a person during his lifetime or by will.

§ 1-2.5 Distributee A distributee is a person entitled to take or share in the property of a decedent under the statutes governing descent and distribution.

§ 1-2.6 Estate Depending upon the context, "estate" may mean: (a) The interest which a person has in property. (b) The aggregate of property which a person owns.

§ 1-2.7 Fiduciary A fiduciary is a person who meets the description, in this part, of a "personal representative" or who is designated by the creator or by the court to act as an assignee for the benefit of creditors, or a committee, conservator, curator, custodian, guardian, tru…

§ 1-2.8 General disposition A general disposition is a testamentary disposition of property not amounting to a demonstrative, residuary or specific disposition.

§ 1-2.9 Incompetent An incompetent is a person judicially declared to be incapable of managing his affairs.

§ 1-2.9-a Infant or minor As used in this chapter, the term "infant" or "minor" means a person who has not attained the age of eighteen years, provided, however, that such definition shall not be applicable to any provision relating to the New York Uniform Transfers to Minors Act…

§ 10-1.1 Common law of powers retained, except as modified by this article The common law of powers as embodied in this article and as to matters not included herein, as heretofore established, is retained as the law of this state except as modified by the provisions of this arti…

§ 10-10.1 Power to distribute principal or allocate income; restriction on exercise A power held by a person as trustee of an express trust to make a discretionary distribution of either principal or income to such person as a beneficiary, or to make discretionary allocations in …

§ 10-10.2 Power to lease in tenant for life; scope A power may be conferred upon a tenant for life to make leases of real property for a term of not more than twenty-one years to commence in possession during his lifetime. If the power authorizes, or the life tenant makes, a leas…

§ 10-10.3 Power to lease in tenant for life; transfer and extinguishment The power of a tenant for life to make leases is not assignable as a separate interest, but is annexed to his estate and passes by a disposition of such estate unless expressly excepted. If so excepted, it i…

§ 10-10.4 Power to lease in tenant for life; effect of mortgage (a) The power of a tenant for life to make leases is neither extinguished nor suspended when such tenant executes a mortgage. The power is bound by the mortgage in the same manner as the real property embraced therei…

§ 10-10.5 Power to sell in a mortgage Where a power to sell real property is given to a mortgagee or to the transferee in any other conveyance intended to secure the payment of money, the power is deemed a part of the security, and passes to and may be exercised by any person, wh…

§ 10-10.6 Effect of reserved unqualified power to revoke Where a creator reserves an unqualified power of revocation, he remains the absolute owner of the property disposed of so far as the rights of his creditors or purchasers are concerned.

§ 10-10.7 Exercise of powers by multiple fiduciaries; joint and several powers Unless contrary to the express provisions of an instrument affecting the disposition of property, a joint power other than a power of appointment but including a power in a trustee to invade trust prin…

§ 10-10.8 Irrevocability of powers other than powers of appointment A power, other than a power of appointment, is irrevocable unless an authority to revoke it is granted or reserved in the instrument creating the power.

§ 10-2.1 Power A power is an authority to do any act in relation to property, including the creation or revocation of an estate therein or a charge thereon, which the donor of the power might himself do, except that the term, as used in this article, does not apply to a power of …

§ 10-2.2 Other words defined (a) Donor. A donor is the person who creates or reserves a power. (b) Donee. A donee is the person to whom a power is given or in whose favor a power is reserved. (c) Appointee. An appointee is the person in whose favor a power of appointment is exerc…

§ 10-3.1 Powers of appointment and other powers (a) This article applies to powers of appointment. A power of appointment, as the term is used in this article, is an authority created or reserved by a person having property subject to his disposition, enabling the donee to design…

§ 10-3.2 Classification of powers of appointment as to kind; general and special; exclusive and non-exclusive (a) A power of appointment is: (1) general or special. (2) exclusive or non-exclusive. (b) A power of appointment is general to the extent that it is exercisable wholly i…

§ 10-3.3 Classification of powers of appointment as to time of exercise; presently exercisable, testamentary and postponed (a) A power of appointment, as to the time of its exercise, is either presently exercisable, testamentary or postponed. (b) A power of appointment is present…

§ 10-3.4 Classification of powers of appointment as to duty to exercise; imperative and discretionary (a) A power of appointment is either imperative or discretionary. (b) A power of appointment is imperative if the instrument creating it imposes on the donee a duty to exercise i…

§ 10-4.1 Rules for creation of a power of appointment. (a) The donor of a power of appointment: (1) Must be a person capable of transferring the appointive property. (2) Must have created or reserved the power by a written instrument executed by him in the manner required by law.…

§ 10-5.1 Scope of the authority of the donee The scope of the donee's authority as to appointees and as to the time and manner of the appointment is unlimited except as the donor manifests a contrary intention.

§ 10-5.2 Contract to appoint; power presently exercisable The donee of a power of appointment which is presently exercisable, or of a postponed power which has become exercisable, can contract to make an appointment to the extent that the contract or the promised appointment does…

§ 10-5.3 Contract to appoint; power not presently exercisable (a) The donee of a power of appointment which is not presently exercisable, or of a postponed power which has not become exercisable, cannot contract to make an appointment; except that this prohibition shall not apply…

§ 10-5.4 Priority The interest of the donee of a power of appointment, and of any appointee thereunder, has priority with respect to real property subject thereto, as against creditors, purchasers or incumbrancers, in good faith and without notice, of or from a person having an e…

§ 10-6.1 Exercise of a power of appointment; manifestation of intention of donee (a) Subject to paragraph (b), an effective exercise of a power of appointment does not require an express reference to such power. A power is effectively exercised if the donee manifests his intentio…

§ 10-6.2 Exercise of a power of appointment; conformity to directions of donor (a) Subject to the power of a court of competent jurisdiction to remedy a defective execution of an imperative power of appointment, the directions of the donor as to the manner, time and conditions of…

§ 10-6.3 Exercise of a power of appointment; type of instrument A power of appointment can be exercised only by a written instrument which would be sufficient to dispose of the estate intended to be appointed if the donee were the actual owner.

§ 10-6.4 Exercise of a power of appointment; required consents (a) When the consent of the donor or of a third person to the exercise of a power of appointment is required, such consent shall be expressed in a written instrument, subscribed by the person whose consent is required…