Assembly Bill A7662

2023-2024 Legislative Session

Expands the list of transactions that constitute testamentary substitutes to include transfer-on-death securities

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Current Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A7662 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §5-1.1-A, EPT L

2023-A7662 (ACTIVE) - Summary

Expands the list of transactions that constitute testamentary substitutes to include transfer-on-death securities.

2023-A7662 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7662
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 31, 2023
                                ___________
 
 Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
   Committee on Judiciary
 
 AN ACT to amend the estates, powers  and  trusts  law,  in  relation  to
   including transfer-on-death securities as testamentary substitutes
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of subparagraph 1 of paragraph (b) of
 section 5-1.1-A of the estates, powers and trusts  law,  as  amended  by
 chapter 515 of the laws of 1993, is amended to read as follows:
   Where  a person dies after August thirty-first, nineteen hundred nine-
 ty-two and is survived by a spouse who exercises  a  right  of  election
 under paragraph (a), the transactions affected by and property interests
 of the decedent described in clauses (A) through [(H)](I), whether bene-
 fiting  the  surviving  spouse  or any other person, shall be treated as
 testamentary substitutes and  the  capital  value  thereof,  as  of  the
 decedent's  death,  shall  be  included in the net estate subject to the
 surviving spouse's elective right except to the extent that the  surviv-
 ing  spouse  has  executed a waiver of release pursuant to paragraph (e)
 with respect thereto.  Notwithstanding  the  foregoing,  a  transaction,
 other than a transaction described in clause (G), that is irrevocable or
 is  revocable  only  with  the  consent of a person having a substantial
 adverse interest (including any such transactions with respect to  which
 the  decedent  retained  a  special  power  of appointment as defined in
 10-3.2), will  constitute  a  testamentary  substitute  only  if  it  is
 effected after the date of the marriage.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11685-01-3

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