NYLE - New York Law Exam NY Trusts, Wills & Estates 1

Question 1

Under New York EPTL 3-4.1, which of the following is a valid method to revoke a previously executed will?

Accepted Answer

Physically burning, tearing, or obliterating the will with the intent to revoke it

Answer

Orally declaring the will revoked before two witnesses

Answer

Filing a written notice of revocation with the Surrogate's Court

Answer

Executing a durable power of attorney naming a different agent

Question 2

Under New York EPTL 3-3.3, the anti-lapse statute applies when a testamentary beneficiary predeceases the testator. For the statute to substitute the deceased beneficiary's issue, the beneficiary must be:

Accepted Answer

A grandparent or a descendant of a grandparent of the testator

Answer

Any friend or business associate named in the will

Answer

Any person related to the testator by marriage

Answer

A creditor of the testator's estate

Question 3

Under New York EPTL 7-3.1, which statement correctly describes the effect of a valid spendthrift trust provision?

Accepted Answer

The beneficiary's interest cannot be voluntarily transferred or reached by creditors before distribution

Answer

The beneficiary may freely assign future income payments to third parties

Answer

Creditors of the beneficiary may garnish trust income before it is distributed

Answer

The trustee must seek court approval before making any discretionary distribution

Question 4

Under New York EPTL 7-1.17, what is required for the creation of a valid inter vivos (living) trust in New York?

Accepted Answer

A written instrument signed by the grantor, but no witnesses are required

Answer

A written instrument signed by the grantor and acknowledged before two witnesses, identical to will formalities

Answer

An oral declaration before a notary public is sufficient

Answer

Filing a trust instrument with the Surrogate's Court before the trust becomes effective

Question 5

Under New York EPTL 2-1.6, the Uniform Simultaneous Death Act, if two individuals die in a common accident and it cannot be determined who survived the other, how is their property distributed?

Accepted Answer

Each person is deemed to have predeceased the other for purposes of distributing that person's own property

Answer

The older person is presumed to have survived the younger

Answer

All property passes to the State of New York by escheat

Answer

The court holds the combined estate in trust until a surviving heir is identified

Question 6

Under New York EPTL 3-1.1, what is the minimum age requirement for a person to execute a valid will in New York?

Accepted Answer

18 years old

Answer

16 years old

Answer

17 years old

Answer

21 years old