N.Y. Estates, Powers and Trusts Law 3-3.4 – Consequences of partly ineffective testamentary dispositions of
§ 3-3.4 Consequences of partly ineffective testamentary dispositions of
Terms Used In N.Y. Estates, Powers and Trusts Law 3-3.4
- 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
property to two or more residuary beneficiaries
Whenever a testamentary disposition of property to two or more residuary beneficiaries is ineffective in part, as of the date of the testator's death, and the provisions of 3-3.3 do not apply to such ineffective part of the residuary disposition nor has an alternative disposition thereof been made in the will, such ineffective part shall pass to and vest in the remaining residuary beneficiary or, if there are two or more remaining residuary beneficiaries, in such beneficiaries, ratably, in the proportions that their respective interests in the residuary estate bear to the aggregate of the interests of all remaining beneficiaries in such residuary estate.