Item: Stephen Bilkis & Associates
Rating: 5
Author: B.B.

New York's Estates, Powers and Trusts Law

Estate, Powers and Trusts, § 7-1.1: When Trust Interests not to Merge

When you create a trust, a trustee holds assets in the trust on behalf of beneficiaries you choose. You can transfer practically any type of property to a trust including cash, stocks bonds, other securities, insurance policies, real estate, antiques, and artwork. The type of property that you choose to transfer to a trust depends on your goals. Under the doctrine of merger, if the same person becomes both the sole trustee and the sole beneficiary of a trust, then by operation of law the trust is deemed to have terminated. However, under New York probate law a trust will not be subject to merger, invalidity or termination if besides the person who is the trustee and owner of the present beneficial interest in the trust, there is at least one other person who hold a vested, contingent, present, or future interest in the trust. To learn more about the estate planning process and how to create a trust that will meet your estate planning goals, contact an experienced Manhattan Probate Lawyer.

Related Statutory Provisions

Trustee of passive trust not to take: Estates, Powers and Trust, § 7-1.2
Purchase-money resulting trust abolished: Estates, Powers and Trust, § 7-1.3
Purposes for which trust may be created: Estates, Powers and Trust, § 7-1.4
When trust interest inalienable; exception: Estates, Powers and Trust, § 7-1.5

Estate, Powers and Trusts, § 7-1.1- When trust interests not to merge

A trust is not merged or invalid because a person, including but not limited to the creator of the trust, is or may become the sole trustee and the sole holder of the present beneficial interest therein, provided that one or more other persons hold a beneficial interest therein, whether such interest be vested or contingent, present or future, and whether created by express provision of the instrument or as a result of reversion to the creator's estate.

Manhattan Probate Lawyer

To learn more about probate, wills, trusts and other estate planning documents, contact Stephen Bilkis & Associates, PLLC. We will help create a trust for you that is consistent with your specific goals. Contact us at 800.696.9529 to schedule a free, no obligation consultation regarding your estate issue. We serve individuals throughout the following locations:

★★★★★

Mr. Bilkis handled both my father and mother's estate issues through very difficult times he was compassionate kind and understanding. In fact the whole firm showed great empathy. Despite the emotional hard time we were having that quickly and efficiently handle all the matters that were necessary to get us the result we desired. Can't recommend them enough. B.B.

From the very first phone call to Stephen Bilkis' office, the staff was extremely polite and helpful in assisting me. Mr. Bilkis was honest and upfront with me from the beginning in what he projected the outcome of my case would be; in the end we got better results than either of us anticipated. He was very genuine and compassionate in understanding my situation and how this legal matter could effect not only myself but my family as well. I highly recommend this law firm and will most definitely continue using them for any future legal needs. Jarrett

Stephen has handled numerous estate matters, criminal matters and family court matters effectively and with a goal-oriented approach. He gets great results and is a results-oriented attorney. Dustin

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