Provides for the inclusion of all property required to be set off, pursuant to paragraph (a) of section 5-3.1 of the estates, powers and trusts law, in the value of a small estate.
STATE OF NEW YORK
________________________________________________________________________
6641
IN SENATE
March 7, 2012
___________
Introduced by Sen. BONACIC -- read twice and ordered printed, and when
printed to be committed to the Committee on Judiciary
AN ACT to amend the surrogate's court procedure act, in relation to
clarifying that all property required to be set off shall be included
in the value of a small estate
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 1301 of the surrogate's court
2 procedure act, as amended by chapter 300 of the laws of 2008, is amended
3 to read as follows:
4 1. A small estate is the estate of a domiciliary or a non-domiciliary
5 who dies leaving personal property having a gross value of $30,000 or
6 less exclusive of property required to be set off under EPTL 5-3.1 (a)
7 [(1), (2), (3), (4) and (5)].
8 § 2. This act shall take effect immediately and shall be deemed to
9 have been in full force and effect on and after January 1, 2011.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13267-01-1
