Governor Andrew Cuomo has signed into law a bill that makes clarifying amendments to the 2011 law on the “decanting” of trusts, meaning when authorized trustees transfer trust assets to new trusts.
The legislation approved by Cuomo on Nov. 13, A7061/S3790, was submitted at the request of Chief Administrative Judge A. Gail Prudenti on the recommendation of her Surrogate’s Court Advisory Committee. The Office of Court Administration said in a memo in support that the new legislation was needed to make the procedures established in 2011 on decanting “more flexible and more explicit.”
