N.Y. Estates, Powers and Trusts Law 7-3.4 – Excess income from trust property subject to creditors' claims
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§ 7-3.4 Excess income from trust property subject to creditors' claims
Terms Used In N.Y. Estates, Powers and Trusts Law 7-3.4
- 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
Where a trust is created to receive the income from property and no valid direction for accumulation is given, the income in excess of the sum necessary for the education and support of the beneficiary is subject to the claims of his creditors in the same manner as other property which cannot be reached by execution.