NY Trusts, Wills & Estates Flashcards

Under New York EPTL 3-2.1, what are the requirements for a valid will?

Answer: The testator must be at least 18, of sound mind, the will must be in writing, signed by the testator at the end, and attested by two witnesses

EPTL 3-2.1 requires that a valid will be (1) in writing, (2) signed by the testator at the end, (3) the testator must declare to the attesting witnesses that it is their will, and (4) attested by at least two witnesses within 30 days of each other.

Under New York EPTL 5-1.1-A, what is a surviving spouse's elective share right?

Answer: The right to elect against the will and receive the greater of $50,000 or one-third of the net estate

EPTL 5-1.1-A gives a surviving spouse the right to elect against the will and receive the greater of $50,000 or one-third of the net estate, protecting against disinheritance.

Under EPTL 4-1.1, how is property distributed when a New York resident dies intestate (without a will)?

Answer: If survived by a spouse and children, the spouse receives $50,000 plus half the residue and the children share the remainder equally

EPTL 4-1.1(a)(1) provides that if the decedent is survived by a spouse and issue (descendants), the spouse receives $50,000 plus one-half of the residue, and the issue take the balance per stirpes.

Under New York SCPA 1001, who has priority to serve as administrator of an intestate estate?

Answer: The surviving spouse, then children, then grandchildren, then parents, then siblings

SCPA 1001 establishes a priority list for appointment as administrator: surviving spouse, children, grandchildren, father/mother, siblings, and other eligible persons.

Under New York law, what is a Totten trust?

Answer: A bank account in the depositor's name in trust for a named beneficiary, which passes to the beneficiary upon the depositor's death outside of probate

A Totten trust (in trust for account) is a bank deposit made by one person as trustee for another, which is revocable during the depositor's lifetime and passes automatically to the beneficiary at death.

Under EPTL 3-3.3, what happens to a bequest in a will when the beneficiary predeceases the testator?

Answer: The gift generally lapses and falls into the residuary estate, unless the anti-lapse statute applies because the beneficiary was an issue or sibling of the testator

Under EPTL 3-3.3 (the anti-lapse statute), if the predeceased beneficiary was the testator's issue or sibling who left surviving issue, the gift passes to those surviving issue. Otherwise, the gift lapses into the residuary.