These strict requirements were imposed in 1997 in recognition that adherence to formality "reduces substantially the potential for foul play." Fasano v. DiGiacomo, 49 A.D.3d 683, 685 (2d Dept. 2008) (quoting Senate Introducer Mem. in Support, Bill Jacket, L. 1997, ch. 139, at 8). If the formalities are not observed, a valid trust is not formed, and subsequent transactions entered into by the invalid trust may be declared null and void.
In general, if a trust is not properly formed, it cannot enter into a contract. See , e.g. , Fasano v. DiGiacomo , 49 A.D.3d 683, 685, 853 N.Y.S.2d 657, 659 (2d Dep’t 2008). Lincoln argues that the Trust was not compliant with New York law because Fischer’s signature establishing the Trust was a forgery.