- 49 - to allocate appreciation where marital trust was not funded for more than 25 years). As noted above, New York provides other avenues of relief for aggrieved beneficiaries, including actions for removal and surcharge of fiduciaries. See, e.g., In re Van Bokkelen's Estate, 33 N.E.2d 87 (N.Y. 1941); In re Epstein, 557 N.Y.S.2d 907, 910 (App. Div. 1990); In re Birnbaum, 555 N.Y.S.2d 982, 991 (App. Div. 1990); In re Lirakis, 491 N.Y.S.2d 36 (App. Div. 1985); Velez v. Feinstein, 451 N.Y.S.2d 110, 114 (App. Div. 1982). Given Mr. de St. Aubin's intent and the law of the State of New York, we hold that decedent's estate had no claim to appreciation on the undistributed assets in her husband's estate. III. Right To Compel Funding of the Marital Trust With Interest at the Legal Rate Petitioners move for a ruling that "Neither Honore nor the Estate [of Honore] had a claim under EPTL to compel funding of her pecuniary [marital] trust with interest at the legal rate." Petitioners base their argument on an assertion that EPTL section 11-1.5 is inapplicable to pecuniary legacies in trust. Petitioners contend that the statute only applies to outright general legacies. Petitioners argue that decedent and her estate were entitled to only the average rate of net income earned byPage: Previous 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Next
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