N.Y. Est. Powers & Trusts Law § 11-1.7

§ 11-1.7 Limitations on powers and immunities of executors and\n testamentary trustees\n (a) The attempted grant to an executor, testamentary trustee, or inter\nvivos trustee, or his or her successor, of any of the following\nenumerated powers or immunities is contrary to public policy:\n (1) The exoneration of such fiduciary from liability for failure to\nexercise reasonable care, diligence and prudence.\n (2) The power to make a binding and conclusive fixation of the value\nof any asset for purposes of distribution, allocation or otherwise.\n (b) The attempted grant in any will or trust of any power or immunity\nin contravention of the terms of this section shall be void but shall\nnot be deemed to render such will or trust invalid as a whole, and the\nremaining terms of the instrument shall, so far as possible, remain\neffective.\n (c) Any person interested in an estate or trust may contest the\nvalidity of any purported grant of any power or immunity within the\npurview of this section without diminishing or affecting adversely his\nor her interest in the estate or trust any provision in any will or\ntrust to the contrary notwithstanding.\n