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NY A07662

Bill

Official Source

Status

Introduced

5/31/2023

Primary Sponsor

Helene Weinstein

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Amends the Estates, Powers and Trusts Law to expand the definition of testamentary substitutes to include transfer-on-death securities
  • Changes clause reference from (H) to (I) to accommodate the new category of transfer-on-death securities in the list of transactions subject to a surviving spouse's elective rights
  • Requires the capital value of transfer-on-death securities as of the decedent's death to be included in the net estate subject to the surviving spouse's election
  • Applies to persons dying after August 31, 1992 who are survived by a spouse exercising elective rights
  • Takes effect immediately upon enactment

Legislative Description

Expands the list of transactions that constitute testamentary substitutes to include transfer-on-death securities.

Last Action

referred to judiciary

1/3/2024

Committee Referrals

Judiciary5/31/2023

Full Bill Text

No bill text available