New York Estates, Powers & Trusts Law Part 2 - DEFINITIONS

• 1-2.1 - Codicil
  1-2.1 Codicil A codicil is a supplement to a will, either adding to, taking from or altering its provisions or confirming it in whole or...
• 1-2.2 - Creator
  1-2.2 Creator A creator is a person who makes a disposition of property.
• 1-2.3 - Demonstrative Disposition
  1-2.3 Demonstrative disposition A demonstrative disposition is a testamentary disposition of property to be taken out of specified or identified property.
• 1-2.4 - Disposition
  1-2.4 Disposition A disposition is a transfer of property by a person during his lifetime or by will.
• 1-2.5 - Distributee
  1-2.5 Distributee A distributee is a person entitled to take or share in the property of a decedent under the statutes governing descent and distribution.
• 1-2.6 - Estate
  1-2.6 Estate Depending upon the context, "estate" may mean: (a) The interest which a person has in property. (b) The aggregate of property which a...
• 1-2.7 - Fiduciary
  1-2.7 Fiduciary A fiduciary is a person who meets the description, in this part, of a "personal representative" or who is designated by the creator...
• 1-2.8 - General Disposition
  1-2.8 General disposition A general disposition is a testamentary disposition of property not amounting to a demonstrative, residuary or specific disposition.
• 1-2.9 - Incompetent
  1-2.9 Incompetent An incompetent is a person judicially declared to be incapable of managing his affairs.
• 1-2.9-a - Infant or Minor
  1-2.9-a Infant or minor As used in this chapter, the term "infant" or "minor" means a person who has not attained the age of eighteen...
• 1-2.10 - Issue
  1-2.10 Issue (a) Unless a contrary intention is indicated: (1) Issue are the descendants in any degree from a common ancestor. (2) The terms "issue"...
• 1-2.11 - Per Capita
  1-2.11 Per capita A disposition or distribution of property is per capita when it is made to persons, each of whom is to take in...
• 1-2.12 - Person
  1-2.12 Person The term "person" includes a natural person, an association, board, any corporation, whether municipal, stock or non-stock, court, governmental agency, authority or subdivision,...
• 1-2.13 - Personal Representative
  1-2.13 Personal representative A personal representative is a person who has received letters to administer the estate of a decedent. The term does not include...
• 1-2.14 - Per Stirpes
  1-2.14 Per stirpes A per stirpes disposition or distribution of property is made to persons who take as issue of a deceased ancestor in the...
• 1-2.15 - Property
  1-2.15 Property Property is anything that may be the subject of ownership, and is real or personal property.
• 1-2.16 - Representation
  1-2.16 Representation By representation means a disposition or distribution of property made in the following manner to persons who take as issue of a deceased...
• 1-2.17 - Specific Disposition
  1-2.17 Specific disposition. A specific disposition is a disposition of a specified or identified item of the testator's property.
• 1-2.18 - Testamentary Beneficiary
  1-2.18 Testamentary beneficiary A testamentary beneficiary is a person in whose favor a disposition of property is made by will.
• 1-2.19 - Will
  1-2.19 Will (a) A will is an oral declaration or written instrument, made as prescribed by 3-2.1 or 3-2.2 to take effect upon death, whereby...
• 1-2.20 - Lifetime Trust
  1-2.20 Lifetime trust The term "lifetime trust" shall mean an express trust and all amendments thereto created other than by will and shall not include;...

Last modified: February 3, 2019