Title EPT, Estates, Powers & Trusts

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

§ 1-1.2 References\n Unless otherwise stated, all references in this chapter to article,\npart or section number refer to the articles, parts or section numbers\nof this chapter, and all references in any section of this chapter to a\nlettered or numbered paragraph or subparagrap…

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

§ 1-1.4 Severability\n If any provision of this chapter or application thereof to any person\nor circumstances is held invalid, such invalidity shall not affect other\nprovisions or applications of this chapter which can be given effect\nwithout regard to the invalid provision or…

§ 1-1.5 Application\n Unless otherwise stated therein, the provisions of this chapter apply\nto the estates, and to instruments making dispositions or appointments\nthereof, of persons living on its effective date or born subsequent\nthereto, without regard to the date of executi…

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

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

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

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

§ 1-2.13 Personal representative\n A personal representative is a person who has received letters to\nadminister the estate of a decedent. The term does not include an\nassignee for the benefit of creditors, or a committee, conservator,\ncurator, custodian, guardian, trustee or d…

§ 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\n Property is anything that may be the subject of ownership, and is real\nor personal property.\n

§ 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.\n A specific disposition is a disposition of a specified or identified\nitem of the testator's property.\n

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

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

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

§ 1-2.20 Lifetime trust\n The term "lifetime trust" shall mean an express trust and all\namendments thereto created other than by will and shall not include; a\ntrust for the benefit of creditors, a resulting or constructive trust, a\nbusiness trust where certificates of benefici…

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

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

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

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

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

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

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

§ 1-2.9-a Infant or minor\n As used in this chapter, the term "infant" or "minor" means a person\nwho has not attained the age of eighteen years, provided, however, that\nsuch definition shall not be applicable to any provision relating to the\nNew York Uniform Transfers to Minor…

§ 10-1.1 Common law of powers retained, except as modified by this\n article\n The common law of powers as embodied in this article and as to matters\nnot included herein, as heretofore established, is retained as the law\nof this state except as modified by the provisions of thi…

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

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

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

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

§ 10-10.5 Power to sell in a mortgage\n Where a power to sell real property is given to a mortgagee or to the\ntransferee in any other conveyance intended to secure the payment of\nmoney, the power is deemed a part of the security, and passes to and may\nbe exercised by any perso…

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

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

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

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

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

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

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

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

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

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

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

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

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

§ 10-5.4 Priority\n The interest of the donee of a power of appointment, and of any\nappointee thereunder, has priority with respect to real property subject\nthereto, as against creditors, purchasers or incumbrancers, in good\nfaith and without notice, of or from a person having…

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

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

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

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