Advisory Committee: Prudent Investor Act by Hon. C. Raymond Radigan

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After my first report in 1991 as chairman of the EPTL Advisory Committee, in which we focused on the revision of the Right of Election and Descent and Distribution statutes, we recommended an examination and revision of the remaining articles of the Estate, Powers and Trusts Law (EPTL) and the Surrogate's Court Procedure Act (SCPA). Upon the Senate and Assembly's approval of the EPTL Advisory Committee's expanded scope, our committee evolved into the EPTL-SCPA Legislative Advisory Committee (committee). In my previous column (The New York Law Journal, Dec. 3, 2003, at p. 3), I indicated I would review in this column what was set forth in our Third Report with respect to the enactment of the New York Prudent Investor Act for fiduciaries.

The committee proposed legislation that would serve to codify a new Prudent Investor Rule for fiduciaries, which rule would manifest the then-changing economic conditions and theories as well as the appearance of new planning and investment strategies. The discussion that follows examines the case law and committee observations and recommendations to revise the law regarding fiduciary investment management in New York upon which the current provisions of the law are based.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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