N.Y. Estates, Powers and Trusts Law 3-3.9 – Testamentary direction to purchase annuities
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§ 3-3.9 Testamentary direction to purchase annuities
Terms Used In N.Y. Estates, Powers and Trusts Law 3-3.9
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Testator: A male person who leaves a will at death.
If a testator directs in his will the purchase of an annuity, the beneficiaries to whom the income thereof is to be paid may not elect to take the capital sum directed to be used for the purchase of such annuity in lieu thereof, unless the will expressly confers such right or except as the will expressly provides for the purchase of an assignable annuity. But nothing contained herein shall impair the right of election by a surviving spouse under 5-1.1 or 5-1.1-A.