Tèks konplè gid sa a an angle; rezime ki anwo a nan lang ou. Rezime lwa yo ak vèsyon angle a rete sous referans lan.
Closing · 6 min lekti
The ways a New York trust ends
By its terms, first. A revocable trust may also be revoked by its creator by the method it provides (EPTL 7-1.17(b)), and an irrevocable one may be revoked or amended by its creator with the written, acknowledged consent of everyone beneficially interested (EPTL 7-1.9).
A trustee or beneficiary may apply to the Surrogate's Court to terminate a trust whose administration has become uneconomical; the court may do so if continuation is economically impracticable, the terms do not prohibit early termination, and termination would not defeat the trust's specified purpose and would serve the beneficiaries' best interests (EPTL 7-1.19).
Appointing into a new trust instead
Sometimes the question is not ending the trust but changing it. A trustee with authority to invade principal may appoint it to a new trust by a signed, dated and acknowledged instrument served on the persons EPTL 10-6.6 names; it takes effect 30 days after service unless they consent in writing to an earlier date, and a person interested may object before then.
The closing sequence
The trustee brings the records current and prepares the final account; holds a reserve for the claims and taxes that may still reach the property — a disposition in trust for the creator's use is void as against the creator's creditors (EPTL 7-3.1), and the estate tax is paid by the return's due date (Tax Law §974); and then distributes under the instrument, in cash, in kind at fair market value, or partly in each (EPTL 11-1.1(b)(20)).
The account is settled informally — an instrument settling it, signed by everyone who would be cited, binds them and those they represent (SCPA 315(8)) — or by judicial settlement on the trustee's petition (SCPA 2208).
Keeping the file
The complete record — statements, accounts, receipts, releases — is the trustee's protection long after the last distribution. Receipts and releases are attorney-drafted decisions; a licensed New York attorney of the trustee's choosing can explain what a particular release binds.
Lwa yo, mo pou mo
Exercise of a power of appointment; effect when more extensive or less extensive than authorized; trustee's authority to invade principal in trust
EPTL 10-6.6 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Application for termination of uneconomical trust
EPTL 7-1.19 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Revocation of trusts
EPTL 7-1.9 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Joinder and representation of persons interested in estates
SCPA 315 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Kesyon moun poze souvan
Can the beneficiaries agree to end a New York trust?
The creator of a trust may revoke or amend it with the written, acknowledged consent of everyone beneficially interested (EPTL 7-1.9); otherwise the trust ends by its terms or by a court order.
Can a small New York trust be closed early?
A trustee or beneficiary may apply to the Surrogate's Court to terminate a trust whose administration has become uneconomical, if the terms do not prohibit it and termination would not defeat its purpose (EPTL 7-1.19).
How does a New York trustee close the books?
With a final account settled informally by an instrument signed by everyone who would be cited (SCPA 315(8)), or by judicial settlement on the trustee's petition (SCPA 2208), after a reserve for claims and taxes and distribution under the instrument.
Lekti ki gen rapò
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