I recently wrote a post that is titled, Suggestion for Improving New York’s Law on Trusts. This post gives an example of how statutes could be more clear if they were organized better. But the post’s title is a teaser because New York has a comprehensive new trust code that is currently pending in front of legislature as bill no. A07677.
The bill would enact the New York Trust Code (“NYTC”). It was introduced in the Assembly and referred to the Judiciary on May 19, 2021.
The NYTC is the product of nearly over a decade work. Here is the introduction to the legislation:
The New York Trust Code (“NYTC”) is a modern trust code that is designed to replace the State’s current outdated and inefficient trust laws, which have not been comprehensively reviewed and revised for over 50 years. The impetus for this change began with the 2012 recommendation by a legislative advisory committee to enact modern trust legislation for New York. Thereupon, the Trusts and Estates Law
Section of the New York State Bar Association and two New York City Bar Committees formed the New York Uniform Trust Code Legislative Advisory Group (“NYUTC-LAG”) to study the recommended legislation. After five years of comprehensive study, the NYUTC-LAG proposed enactment of a new New York Trust Code.
The NYTC is of great importance to my area of law practice (trusts and estates), so I am studying it carefully and will blog about some of its provisions in the future.
- Suggestion for Improving New York's Law on Trusts
- Common Law Rule: Creditors Could Reach a Trust Beneficiary's Present Interest
- New NY Power of Attorney Needs Two Witnesses
- Cannot Use New NY Power of Attorney Form Before June 13, 2021
- Why a Third Party Supplemental Needs Trust Should Not Be Used to Buy a House