Legal Question in Wills and Trusts in New York

ITF accounts are considered part of the estate for possible death taxes, but do not pass to a beneficiary by the Will, just by the account beneficiary designation. While the proceeds are not income, the inclusion of the account value as part of the estate might generate some death taxes to the estate. This depends on the overall size of the estate subject to death taxes. Whether or not the account must pay its ratable share of any death taxes depends on the language of the Will, which usually specifies from what assets any death taxes are to be paid. If there was no Will, the account is responsible for its pro rata share of any such taxes.