State Budget Shortfall In 2003 Was Impetus Behind Many Changes Affecting Trusts And Estates

New York State’s unprecedented budget shortfall in 2003 was the impetus behind many of the changes during the past year to the laws affecting the Trusts and Estates practice. Filing fees, attorney registration fees, and tax rates were increased as part of an overall attempt to cover the shortfall.  The remaining changes dealt with notice and thresholds in abandoned property proceedings, permissible acts by trusts and trustees, standby guardianships, appointment of fiduciaries, the right to a jury trial in Surrogate’s Court proceedings, small claims assessment review of homes held in trusts, amendments to the state’s 529 college savings program and new environmental liability protection for certain fiduciaries and beneficiaries. A summary of the changes follows.