For better or worse, change does not come frequently or consistently to New York’s body of trust law. While some trusts and estates practitioners take solace in this fact, it is the source of frustration for many others who find that it too often fails to serve the modern needs of trust settlors, beneficiaries, and trustees.
Practitioners think that New York trust law, which traditionally has been among the most developed and respected in the nation, now all too often frustrates, rather than safeguards, a settlor’s intent, often forcing the trustee and beneficiaries to deal with problems, or incur expenses, that otherwise could have been avoided. Aggravating the situation is the fact that much of New York’s trust law is found in case law, making it more challenging to locate the governing rule, and sometimes creating ambiguity. These problems affect more than just the persons interested in any particular trust. Rather, they have systemic, state-wide repercussions. The reality is many other states have modernized and consolidated their trust laws, and, in so doing, have lured away from New York a tremendous amount of business directly and indirectly related to the trust industry, depriving New York of significant tax revenue and jobs.1
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