The last several years have seen a flurry of activity on the directed trust front. Since 2014, at least seven states have enacted directed trust statutes for the first time and at least three states have amended their already-existing statutes. Several states have taken notice of the potential utility—and business development opportunities—offered by flexible directed trust statutes and have proposed statutes. Perhaps the most indicative of this trend is the recent promulgation of the Uniform Directed Trust Act by the National Conference of Commissioners on Uniform State Laws on July 19, 2017. With the dust still settling on the relatively recent and diverse changes affecting directed trusts throughout the United States, New York’s proposed directed trust statute has remained stalled in the Judiciary Committee since it was first introduced in 2015. N.Y. Legis. S. 1635. Reg. Sess. 2015-2016 (2015). As a result, New York is currently one of the few states without a directed trust statute. (Currently, New York, California, Connecticut, Louisiana, and Rhode Island are the only five states without such a statute.) As other states consider whether to adopt the Uniform Directed Trust Act, it is an opportune time to take a second look at New York’s proposed directed trust statute. Fortunately, the New York State Legislature is presently reviewing directed trust legislation.
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