{"jurisdiction": "us-ny", "code": "eptl", "section": "13-3.3", "citation": "EPTL § 13-3.3", "heading": "Designation of trustee to receive proceeds of thrift, savings,", "text": ["§ 13-3.3 Designation of trustee to receive proceeds of thrift, savings,", "pension, retirement, death benefit, stock bonus and", "profit-sharing plans, systems or trusts, of life, group life,", "industrial life or accident and health insurance policies and", "of annuity, endowment and supplemental insurance contracts,", "and taxation thereof", "(a) The proceeds of thrift, savings, pension, retirement, death benefit, stock bonus and profit-sharing plans, systems or trusts, of life, group life, industrial life or accident and health insurance policies and of annuity, endowment and supplemental insurance contracts (hereinafter referred to as \"proceeds\") may be made payable to a trustee designated as beneficiary in the manner prescribed by this section and named as:", "(1) Trustee under a trust agreement or declaration of trust in existence at the date of such designation, and identified in such designation, and such proceeds shall be paid to such trustee and be held and disposed of in accordance with the terms of such trust agreement or declaration of trust, including any amendments thereto, as they appear in writing on the date of the death of the insured, employee or participant. It shall not be necessary to the validity of any such trust agreement or declaration of trust that it have a trust corpus other than the right of the trustee as beneficiary to receive such proceeds.", "(2) Trustee of a trust to be established by will, and upon qualification and issuance of letters of trusteeship such proceeds shall be payable to the trustee to be held and disposed of in accordance with the terms of such will as a testamentary trust. A designation which in substance names as such beneficiary the trustee under the will of the insured, employee or participant, shall be taken to refer to the will of such person actually admitted to probate, whether executed before or after the making of such designation.", "(b) If no qualified trustee claims such proceeds from the insurer or other payor within eighteen months after the death of the insured, employee or participant, or if satisfactory evidence is furnished to the insurer or other payor within such period showing that there is or will be no trustee to receive such proceeds, such proceeds shall be paid by the insurer or other payor to the personal representative or assigns of the insured, employee or participant, unless otherwise provided by agreement with the insurer or other payor during the lifetime of the insured, employee or participant.", "(c) Except to the extent otherwise provided by the trust agreement, declaration of trust or will, proceeds received by the trustee shall not be subject to the debts of the insured, employee or participant, to any greater extent than if such proceeds were payable to the beneficiaries named in the trust, and for all purposes including transfer or estate tax purposes they shall not be deemed payable to or for the benefit of the estate of the insured, employee or participant.", "(d) Proceeds so held in trust may be commingled with any other assets which may properly become part of such trust.", "(e) Nothing in this section shall effect the validity of any designation heretofore made of the trustee of any trust established under a trust agreement or declaration of trust or by will.", "(f) This section shall be construed as declaring the law as it existed prior to its enactment and not as modifying it."], "official_source": "https://www.nysenate.gov/legislation/laws/EPT/13-3.3", "from_official_api": true, "plain_english": "Plan, insurance and annuity **proceeds may be made payable to a trustee** named as beneficiary.\n- **(a)(1)** A trustee under a **trust agreement or declaration existing at designation** and identified in it; the trustee holds proceeds under its terms **as amended in writing at the date of death**. The trust **needs no corpus** other than the right to receive the proceeds. ★\n- **(a)(2)** A trustee of a **trust to be created by will**; proceeds are payable once **letters of trusteeship issue**. A designation of the trustee under the person's will refers to the will **actually admitted to probate**, whether executed before or after the designation.\n- **(b)** If **no qualified trustee claims within 18 months after death**, or the payor gets satisfactory proof within that time that there will be no trustee, the payor **pays the personal representative or assigns**, unless a lifetime agreement with the payor says otherwise. ★\n- **(c)** Unless the trust or will provides otherwise, proceeds are **subject to the decedent's debts no more than if paid directly to the trust beneficiaries**, and for all purposes, **including transfer or estate tax**, are **not deemed payable to the estate**. ★\n- **(d)** Proceeds **may be commingled** with other proper trust assets.\n- **(e)** Earlier designations of trustees remain valid.\n- **(f)** The section **declares existing law**, not a change.", "in_force_on": "2026-05-31", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/eptl/13-3.3", "publisher": "Elyphived LLC"}