Терміни трастів штату Нью-Йорк з визначеннями

Звірено із законами штату Нью-Йорк 2026-10-06. Загальна інформація, не юридична консультація; офіційний текст має пріоритет.

Estates, Powers and Trusts Law (EPTL)

New York's law of wills, intestacy, powers and trusts. It "may be cited as EPTL," and a section is cited by its number without the word "section" or the symbol § — "EPTL 7-1.17" (EPTL 1-1.1). Article 7 holds the trust law; Article 11 the fiduciaries' powers and duties.

Surrogate's Court Procedure Act (SCPA)

The procedure of the Surrogate's Court, cited "SCPA" with the section's number alone (SCPA 101): jurisdiction over lifetime trusts, accounts, the commissions of trustees, and the estate's claims.

Surrogate's Court

The court in each county that hears estates and trusts. It has jurisdiction over a lifetime trust with assets in New York, a grantor domiciled in New York when a proceeding begins, or a trustee residing in New York (SCPA 207); the Supreme Court also hears an express-trust proceeding.

Lifetime trust

A trust created during its creator's life (also called inter vivos or living). It is in writing, executed and acknowledged by the creator and, unless the creator is sole trustee, by at least one trustee — or executed before two witnesses (EPTL 7-1.17). Посібник: Відкличний прижиттєвий траст штату Нью-Йорк: пояснення

Creator (grantor)

The person who makes a trust — the EPTL says "creator," the SCPA "grantor." A lifetime trust's creator signs it with the formalities of EPTL 7-1.17 and funds it by actually transferring assets to it (EPTL 7-1.18).

Trustee

The person who holds and administers the trust property. An express trust vests the legal estate in the trustee, subject only to the execution of the trust, and the beneficiary may enforce it (EPTL 7-2.1). Посібник: Обов’язки управителя-наступника у штаті Нью-Йорк після смерті

Successor trustee

The trustee who takes over when the original trustee dies, resigns, is removed or can no longer serve. A successor named in the instrument succeeds to the original trustee's powers, duties and discretion (EPTL 11-1.1(b)(12)); a court appoints one only when no one able to act is named (SCPA 1502). Посібник: Управитель-наступник у штаті Нью-Йорк: вступ на посаду

Fiduciary

A person who holds property for others — an executor, an administrator or a trustee of an express trust, including a successor (EPTL 11-1.1(a)). A fiduciary keeps that property separate from their own (EPTL 11-1.6).

Beneficiary

A person the trust benefits. New York has no general "qualified beneficiary" class: each rule names whom it reaches — the annual statements go to each beneficiary currently receiving income and others who ask (SCPA 2309(4)); a trustee's court account cites everyone entitled absolutely or contingently to share (SCPA 2210).

Person interested

A person entitled, or allegedly entitled, to share as a beneficiary. A person interested may ask the Surrogate's Court to compel a fiduciary's account (SCPA 2205).

Revocable trust

A trust its creator can revoke. In New York a lifetime trust is irrevocable unless it expressly provides that it is revocable; a revocable one can also be revoked or amended by a will that specifically refers to it (EPTL 7-1.16). Посібник: Відкличний прижиттєвий траст штату Нью-Йорк: пояснення

Irrevocable trust

A trust that can no longer be revoked — because its terms do not say it is revocable (EPTL 7-1.16), or because its creator has died. Its creator may still revoke or amend it with the written, acknowledged consent of everyone beneficially interested (EPTL 7-1.9). Посібник: Безвідкличний траст у штаті Нью-Йорк: пояснення

Funding

Transferring assets into the trust. A lifetime trust is valid only as to assets actually transferred to it; a list in the instrument transfers nothing, and where the creator is sole trustee a deed is recorded or an account registered in the trust's or trustee's name (EPTL 7-1.18). Посібник: Після підписання вашого трасту у штаті Нью-Йорк: що далі

Commissions

An individual trustee's statutory compensation: 1% of principal paid out, and annual commissions of $10.50 per $1,000 on the first $400,000, $4.50 on the next $600,000 and $3.00 above, one-third from income and two-thirds from principal unless the instrument explicitly provides otherwise (SCPA 2309). Посібник: Комісійні управителя у штаті Нью-Йорк (SCPA 2309)

Annual statements

The statements a trustee furnishes each trust year to retain annual commissions: the principal assets on hand as of a date no more than 30 days before the end of the trust year the trustee selects, and the receipts of income and principal, including the commissions and how they were computed (SCPA 2309(4)).

Account

The trustee's report of what came in, went out and remains. New York sets no annual account for every trustee; an account is settled informally by a written settlement everyone who would be cited signs (SCPA 315(8)) or in the Surrogate's Court, on the trustee's petition (SCPA 2208) or by the court's order (SCPA 2205). Посібник: Звітність трастів у штаті Нью-Йорк: звіти й рахунки

Request for information

A beneficiary's written request to the trustee for information about the trust's assets or affairs. If it goes unanswered, a proceeding may require the trustee to supply it (SCPA 2102(1)).

Prudent Investor Act

EPTL 11-2.3: a trustee invests and manages the trust property as a prudent investor would for the entire portfolio — a standard of conduct, not outcome — diversifying unless it reasonably decides not to, and deciding within a reasonable time whether to keep the initial assets.

Principal and income

The split between a trust's capital and its earnings, which decides what an income beneficiary receives. In allocating between them, a fiduciary follows the instrument, then Article 11-A, and acts impartially, based on what is fair and reasonable to all beneficiaries (EPTL 11-A-1.3).

Cotrustee

One of two or more trustees serving together. Two act jointly and three or more by majority, unless the instrument says otherwise; a trustee who dissents promptly in writing and joins the majority is not liable for its decision (EPTL 10-10.7).

Trustee who is also a beneficiary

A trustee who is also a beneficiary cannot exercise a discretionary power to distribute to themselves beyond health, education, maintenance or support unless the instrument provides otherwise by express reference to the section; the other trustees act instead (EPTL 10-10.1).

Spendthrift (income inalienable)

A restraint on transferring a beneficiary's interest. In New York the right to receive a trust's income is inalienable by default unless the instrument gives a power to transfer it (EPTL 7-1.5); income beyond the beneficiary's education and support is reachable by creditors (EPTL 7-3.4).

Self-settled trust

A trust for the creator's own use. It is void as against the creator's existing and subsequent creditors (EPTL 7-3.1); qualified retirement plans and accounts are treated as spendthrift trusts instead.

Appointment in further trust (decanting)

A trustee's authority to pour principal from one trust into a new one, within the limits of EPTL 10-6.6: by a signed, dated and acknowledged instrument served on the persons the section names, effective 30 days after service unless they consent to an earlier date.

Uneconomical trust

A trust too small to administer economically. Only the Surrogate's Court may terminate it, on the findings EPTL 7-1.19 requires; New York has no trustee-alone small-trust termination. Посібник: Припинення трасту у штаті Нью-Йорк: завершальні кроки довірчого власника

Exoneration clause

A term excusing a fiduciary from liability. A grant of exoneration from liability for failing to exercise reasonable care, diligence and prudence is void (EPTL 11-1.7) — for an inter vivos trustee, as to wills and trusts executed on or after the 2018 amendment's effective date.

By representation

New York's division among issue: equal shares at the nearest generation with surviving members, with the shares of members who died leaving issue combined and divided the same way among the next generation — per capita at each generation (EPTL 1-2.16). It governs intestacy (EPTL 4-1.1). Посібник: Калькулятор розподілу для управителів штату Нью-Йорк

Per stirpes

A division in which a deceased member's share passes down that member's own line (EPTL 1-2.14). It applies where an instrument calls for it; New York's intestacy divides by representation instead. Посібник: Калькулятор розподілу для управителів штату Нью-Йорк

Intestate succession

Who inherits without a will: a spouse and issue — $50,000 and half the rest to the spouse, the balance to the issue by representation; a spouse alone — everything; then issue, parents, siblings' lines and grandparents' lines (EPTL 4-1.1). Посібник: Смерть без заповіту у штаті Нью-Йорк

Right of election

A surviving spouse's personal right to take the greater of $50,000 or one-third of the net estate, counting testamentary substitutes such as property the decedent could revoke, in trust or otherwise; made within six months of letters and no later than two years after death (EPTL 5-1.1-A).

Testamentary substitute

A transfer the right of election counts as part of the estate though it passes outside the will — among them a disposition the decedent could revoke, in trust or otherwise (EPTL 5-1.1-A(b)(1)(F)).

Letters

The Surrogate's Court's grant of authority to an estate's executor or administrator. Claims against the estate are presented to the fiduciary, and a claim not presented within seven months of the first letters leaves the fiduciary protected for good-faith payments made before it (SCPA 1802).

Transfer on death deed

A revocable deed that passes real property at the owner's death; it has the formalities of a recordable deed, two witnesses and an acknowledgment, and is recorded before the death (Real Prop. Law §424). Посібник: Як уникнути пробейту у штаті Нью-Йорк

Health care proxy

The document by which a competent adult appoints a health care agent, signed and dated before two adult witnesses (Pub. Health Law §2981). New York has no living-will statute. Посібник: Довіреності та попередні розпорядження у штаті Нью-Йорк

New York estate tax

A tax on a resident's New York taxable estate at graduated rates, with a credit that removes it up to the basic exclusion amount, shrinks between 100% and 105% of it and is gone above (Tax Law §952). A return is due nine months after the death where the estate must file (Tax Law §972).

Basic exclusion amount

The New York estate-tax threshold, adjusted each year for the cost of living (Tax Law §952(c)); the Department of Taxation and Finance publishes the amount for each year of death.

Employer identification number (EIN)

The federal tax identification number an irrevocable trust obtains from the IRS (Form SS-4) once it reports its own income — usually after the creator's death.

Schedule K-1

The federal form a trust issues to each beneficiary who received distributable income for the year, reporting the beneficiary's share of the trust's income.

Portability

The federal election that lets a surviving spouse use a deceased spouse's unused federal estate tax exclusion; it is made on a timely federal estate tax return. New York's estate tax has no portability.