הטקסט המלא של מדריך זה באנגלית; התקציר שלמעלה בשפתכם. תקצירי החוקים והנוסח האנגלי נשארים המקור המחייב.
Getting started · 6 דק' קריאה
Taking office
New York has no statute on how a trustee accepts. The trust instrument names the successor and says when the successor takes over; once in office, the successor succeeds to all of the powers, duties and discretion given to the original trustee, unless the instrument expressly prohibits a successor from exercising them (EPTL 11-1.1(b)(12)). The EPTL counts a successor or substitute fiduciary, whether designated in the instrument or otherwise, among the fiduciaries whose powers it lists (EPTL 11-1.1(a)).
The court steps in only where the instrument's succession fails. The Surrogate's Court may appoint a trustee when none is able to act, but not against the instrument's express terms or in place of a named successor who is not disqualified (SCPA 1502), and on the death of a sole surviving trustee the trust property does not pass to that trustee's estate (EPTL 7-2.3). Many named trustees record in writing when and how they took office, because exercising the trustee's powers is acting as trustee.
The duties that apply from the first day
New York has no single section stating a trustee's general duty. The duties come from the instrument, the Prudent Investor Act, the principal-and-income rules and the case law. EPTL 11-2.3 provides that a trustee invests and manages the property as a prudent investor would for the entire portfolio — a standard of conduct, not outcome — and decides within a reasonable time whether to keep the initial assets (EPTL 11-2.3(b)(3)(D)).
Two further rules apply from the start: property received as fiduciary is kept separate from the fiduciary's own, with every transaction in the fiduciary's name as fiduciary (EPTL 11-1.6), and discretion over principal and income is exercised impartially, based on what is fair and reasonable to all the beneficiaries (EPTL 11-A-1.3). New York's undivided-loyalty rule comes from the courts; EPTL 7-2.4 adds that an act of a trustee in contravention of an expressed trust, unless authorized by law, is void.
No statutory notice — and what takes its place
New York sets no statutory notice to the beneficiaries when a trust becomes irrevocable or a trustee begins to serve. What it sets instead is a remedy: a proceeding may require a fiduciary to supply information concerning the trust's assets or affairs after a written request has failed (SCPA 2102(1)).
Where the trustee retains annual commissions, the annual statements of SCPA 2309(4) become the beneficiaries' regular view of the trust: the principal assets on hand, and all receipts of income and principal with the commissions retained and how they were computed. Many trustees also write to the beneficiaries early as a matter of practice; the statute does not require it.
The estate beside the trust
A revocable trust rarely holds everything; a lifetime trust is valid only as to assets actually transferred to it (EPTL 7-1.18). Property left outside it passes by will through the Surrogate's Court, by beneficiary designation, by joint ownership or by a transfer on death deed (Real Prop. Law §424).
Three clocks of the estate often reach the trustee's timing: creditors' claims presented within seven months of letters (SCPA 1802), a surviving spouse's election within six months of letters and no later than two years after the death (EPTL 5-1.1-A(d)), and the New York estate tax return, where one is due, nine months after the death (Tax Law §972).
החוקים, מילה במילה
Fiduciaries' powers
EPTL 11-1.1 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
Prudent investor act
EPTL 11-2.3 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
Appointment of trustee
SCPA 1502 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
Proceedings for relief against a fiduciary
SCPA 2102 ↗הסבר ברור ופשוט; נוסח החוק המילולי טרם אושר בספרייה שלנו. ראו את החוק הרשמי בקישור למעלה.
שאלות נפוצות
How does a New York successor trustee take office?
As the trust instrument provides; New York has no acceptance statute. Once in office, the successor succeeds to all of the original trustee's powers, duties and discretion unless the instrument expressly prohibits it (EPTL 11-1.1(b)(12)), and a court appoints a trustee only where no named successor is able to act (SCPA 1502).
Does a New York trustee have to notify the beneficiaries when the creator dies?
New York sets no statutory notice. A beneficiary may ask in writing for information about the trust's assets or affairs, which the Surrogate's Court can require to be supplied (SCPA 2102(1)), and a trustee who retains annual commissions furnishes the annual statements of SCPA 2309(4).
Where do a New York trustee's duties come from?
From the trust instrument, the Prudent Investor Act (EPTL 11-2.3), the rule on keeping trust property separate (EPTL 11-1.6), the principal-and-income article (EPTL 11-A-1.3) and the case law, including New York's undivided-loyalty rule; a clause excusing a failure to exercise reasonable care is void (EPTL 11-1.7).
קריאה קשורה
מרכז הלמידה הוא מידע כללי על חוק ניו יורק — לא ייעוץ משפטי ולא תחליף לייעוץ מעורך דין מורשה בניו יורק על העובדות שלכם. TrusteeClear היא תוכנה, לא משרד עורכי דין.