§ 11-A-6.4 Application of article

Terms Used In N.Y. Estates, Powers and Trusts Law 11-A-6.4

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Decedent: A deceased person.
  • Trustee: A person or institution holding and administering property in trust.

Except as specifically provided in the trust instrument, the will, or in this article, this article shall apply to any receipt or expense received or incurred on or after its effective date by any trust or decedent‘s estate established before, on or after its effective date and whether the asset involved was acquired by the trustee before, on or after its effective date, except that this article shall not apply to a trust while any current beneficiary is interested in a unitrust amount pursuant to subparagraph 11-2.4(b)(1); but it does apply with respect to assets to which such a unitrust may become entitled but prior to their actual receipt into the unitrust.