Assemblyman Edward C. Braunstein (D-Bayside) announced that Governor Andrew M. Cuomo signed into law his legislation that allows a trustee to recant a decanting (A.6263, Chapter 441 of the Laws of 2015). “New York is a leading financial center. It is important to have certainty about the powers of a trustee when it comes to decanting,” said Assemblyman Braunstein. The enacted legislation goes into effect immediately.

Decanting is the term generally used to describe the distribution of trust property to another trust pursuant to the trustee's discretionary authority to make distributions to, or for the benefit of, one or more beneficiaries. Before this measure was signed into law, Estates Powers and Trusts Law section 10-6.6, the decanting statute, did not provide for a trustee's authority to recant the invasion of a trust within the thirty day period before the decanting takes effect.

This legislation, which was introduced at the request of the Chief Administrative judge upon the recommendation of her Surrogate's Court Advisory Committee, provides a trustee with the clear authority to change their mind, or “recant” the invasion of a trust. As long as the recanting occurs during the statutory time frame, a trustee may revoke the exercise of the power to invade a new trust.

“This legislation protects both trustees and trust beneficiaries as well,” said Assemblyman Braunstein. "By enacting this legislation, New York continues to maintain its status as a leading state in trust decanting legislation.”