Relates to assignment from a decedent's estate to a transferee for value in exchange for cash or other consideration

◆ The sponsor's argument

Why Andrew Gounardes says this is needed

Persons who are entitled to receive an inheritance from a decedent's estate often encounter long waiting periods to receive their inheritance while in probate court. The beneficiary funding services industry offers payments in exchange for the assignment of a portion of an individual's beneficial interests. This legislation establishes a formal, transparent process for purchas- ing a beneficiary's interest in a probate estate and codifies uniform consumer protection standards governing these transactions to ensure transparency, fairness, and accountability. The bill requires timely court filing and notice, disclosure of fees and consideration, trans- lated agreements where necessary, and prohibits abusive contractual provisions that unfairly disadvantage beneficiaries. The legislation also grants Surrogate's Courts authority to review these agreements to ensure statutory compliance and protect estate beneficiaries from preda- tory practices. The bill will provide the necessary guardrails to protect New Yorkers.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.