§ 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 persons hold a beneficial […]
§ 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 and interpretation of the disposition in such […]
§ 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 such trust an amount equal to any income taxes on […]
§ 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 disability as defined in subdivision twenty-two of section 1.03 of the mental hygiene law. (2) “Government benefits or […]
§ 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 may mean the executor or administrator) is authorized without prior court […]
§ 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 which specifically refers to such lifetime trust […]
§ 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 required by the laws of this state for the […]
§ 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 instrument, and (b) in the case of […]
§ 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, by application to the surrogate’s court having jurisdiction over the trust, seek […]
§ 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, except where a different limitation […]
§ 7-1.9 Revocation of trusts (a) Upon the written consent, acknowledged or proved in the manner required by the laws of this state for the recording of a conveyance of real property, of all the persons beneficially interested in a trust of property, heretofore or hereafter created, the creater of such trust may revoke or […]
