BILL NUMBER: S9468A
SPONSOR: FAHY
 
TITLE OF BILL:
An act to amend the not-for-profit corporation law and the estates,
powers and trusts law, in relation to perpetual care of cemeteries
 
PURPOSE:
This bill will establish reporting requirements to executors or trustees
of a testamentary trust that includes a bequeathed sum for the perpetual
care of a cemetery plot to disclose the balance of such funds to the
cemetery where such perpetual care fund has been dedicated.
 
SUMMARY OF PROVISIONS:
Section 1 amends subdivision (b) of section 1507 of the not-for-profit
corporation law.
Section 2 amends section 8-1.5 of the estates, powers, and trusts law.
Section 3 sets the effective date.
 
JUSTIFICATION:
In many instances, trusts specifically created for a cemetery lot main-
tenance, are so old that current family members are unaware of the
existence of the trusts which were created to repair and restore' family
lots, graves and monuments. Added to this lack of available information
will frequently be changes in the structures of organizations and trus-
tees that have handled these trusts which may have been established more
than 100 years ago.
The restoration of monuments and memorial structures on cemetery lots
are the responsibility of lot holders as they have the ownership of the)
memorialization and are the heirs of those lots. Recent discoveries of
previously unknown cemetery specific trusts have highlighted the need
for transparency and regular disclosure of the existence of these
trusts. This is particularly important as many of these grave sites have
significant maintenance and care requirements that current heirs do not
have the financial resources to provide.
Transparent cemetery reporting ensures families don't face unnecessary
financial burdens when dedicated maintenance funds were already set
aside generations ago.
 
LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S9468A: 8-1.5 estates powers and trusts law