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the type of bequest, referred to as a "hybrid pecuniary
bequest with a floor", that Mr. de St. Aubin directed to be
used to fund the marital trust. A hybrid pecuniary bequest
blends the characteristics of a pecuniary bequest and of a
fractional bequest. Estate of Goutmanovitch, 432 N.Y.S.2d
768, 774 (Sur. Ct. 1980); Covey, The Marital Deduction and
the Use of Formula Provisions, 99-100 (2d ed. 1978). A
pecuniary bequest is a gift of a sum certain, either stated
explicitly in dollars or stated as a formula that can be
reduced to a dollar value on the date of the testator's
death or on the alternate valuation date (e.g., an amount
equal to 50 percent of the adjusted gross estate value).
Epping's Trust No. 4 v. Bankers Trust Co., 288 N.Y.S.2d
565, 569 (App. Div. 1968), affd. 246 N.E.2d 753 (1969);
Estate of Guterman, 476 N.Y.S.2d 1006, 1008 (Sur. Ct.
1984). A fractional bequest is a gift of a percentage of
the estate, valued on the date of distribution. Estate of
Goutmanovitch, supra at 771; In re Goldsmith, 30 N.Y.S.2d
474, 476 (Sur. Ct. 1941). Thus, until distribution, the
value of a fractional bequest will fluctuate with the value
of the estate, whereas the value of a pecuniary bequest is
fixed as of the testator's date of death or as of the
alternate valuation date.
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