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Distributions · 6 мин чтения
By representation and per stirpes
EPTL 1-2.16 defines "by representation": the property is divided into as many equal shares as there are surviving issue in the generation nearest the deceased ancestor that contains a survivor, and deceased issue in that generation who left surviving issue; each survivor there takes one share, and the remaining shares are combined and divided the same way among the next generation's surviving issue. It is per capita at each generation, and it governs intestate shares among issue (EPTL 4-1.1).
EPTL 1-2.14 defines "per stirpes" differently: the division begins at the same nearest generation, but a deceased member's share passes down to that member's own issue in the same manner. For an instrument executed on or after September 1, 1992, a disposition to "issue" is by representation unless a contrary intention is expressed (EPTL 2-1.2(b)); an earlier instrument is read under the earlier rule (EPTL 2-1.2(a)).
Discretion, and the trustee who is also a beneficiary
A discretionary power is still a fiduciary power: the instrument states the standard, and the trustee applies it to facts the record should show. EPTL 10-10.1 limits a trustee who is also a beneficiary: such a trustee cannot exercise a discretionary power to distribute principal or income to themselves, or allocate receipts or expenses in their own favor, unless the trustee is the creator of a trust they can revoke, the power is limited to health, education, maintenance or support, or the instrument expressly provides otherwise by reference to the section — the other trustees, or the court, exercise the power instead.
The court also has a power of its own: unless the instrument provides otherwise, the court with jurisdiction of an income trust may make an allowance from principal to an income beneficiary whose support or education is not sufficiently provided for, after a hearing on notice (EPTL 7-1.6).
Cash or kind
EPTL 11-1.1(b)(20) provides that, unless the instrument or an order limits the power, a fiduciary may distribute in cash, in kind at the fair market value of the property on the date of distribution, or partly in each, without being required to distribute specific property pro rata. A non-pro-rata distribution can still raise the impartiality question of EPTL 11-A-1.3, which is one reason trustees record values and reasons.
Before distributing: the reserve
No New York statute sets a day-count for distributing a trust. The clocks that bear on timing are the estate's: creditors' claims (SCPA 1802), a surviving spouse's election (EPTL 5-1.1-A(d)) and the estate tax, paid on or before the return's due date (Tax Law §974). A disposition in trust for the use of the creator is void as against the creator's existing and subsequent creditors (EPTL 7-3.1), which is one reason trustees commonly hold a reserve until those clocks have run.
Законы, дословно
Per stirpes
EPTL 1-2.14 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Representation
EPTL 1-2.16 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Power to distribute principal or allocate income; restriction on exercise
EPTL 10-10.1 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Fiduciaries' powers
EPTL 11-1.1 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
What does "by representation" mean in New York?
Per capita at each generation: equal shares at the nearest generation with a survivor, with the deceased members' shares combined and divided the same way among the next generation (EPTL 1-2.16). It governs intestate shares among issue (EPTL 4-1.1) and a gift to "issue" in an instrument executed on or after September 1, 1992 unless it says otherwise (EPTL 2-1.2(b)).
Is "per stirpes" the same as "by representation" in New York?
No. Both begin at the nearest generation with a survivor, but under EPTL 1-2.14 a deceased member's share passes down to that member's own issue, while under EPTL 1-2.16 the deceased members' shares are pooled and divided equally at the next generation.
Can a New York trustee distribute property instead of cash?
Yes, unless the instrument or an order limits it: in cash, in kind at fair market value on the date of distribution, or partly in each, without having to distribute specific property pro rata (EPTL 11-1.1(b)(20)).
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