Trusts, Wills & Estates Flashcards

A New York testator executes a valid will and later executes a codicil that is witnessed only by one person. The codicil:

Answer: Is invalid because New York requires two witnesses for any testamentary instrument

Under EPTL § 3-2.1, a codicil must comply with the same formalities as a will, including the signature of two witnesses.

Under New York law, a spendthrift trust provision is effective to protect trust assets from:

Answer: Claims of the beneficiary's creditors while assets remain in trust

A spendthrift clause under EPTL § 7-1.5 prevents voluntary or involuntary transfer of the beneficiary's interest and protects against most creditors, though not all (e.g., government claims, family support obligations).

In New York, the doctrine of 'dependent relative revocation' applies when:

Answer: A testator revokes a will based on a mistaken belief that another valid will exists

Dependent relative revocation treats a revocation as conditional when it is based on a mistake of fact or law, allowing reinstatement of the prior will if the new disposition fails.

Under New York EPTL § 3-3.3, the anti-lapse statute applies to save a bequest from failing due to the predeceasing beneficiary if the beneficiary was:

Answer: The testator's issue or sibling (or their issue)

New York's anti-lapse statute (EPTL § 3-3.3) only applies to gifts to the testator's issue or siblings, allowing the gift to pass to the deceased beneficiary's descendants.

A New York trustee wishes to resign. Under EPTL § 7-2.6, how may a trustee properly resign?

Answer: By court order or as specified in the trust instrument

Under EPTL § 7-2.6, a trustee may resign by court order or pursuant to a provision in the trust instrument permitting resignation.

Under the New York EPTL, when does a gift fail due to 'ademption by satisfaction'?

Answer: When the testator makes a lifetime gift to the beneficiary intended to satisfy the bequest in whole or in part

Ademption by satisfaction occurs when a testator makes an inter vivos gift to a legatee intending it to satisfy, in whole or in part, the testamentary gift. (Destruction or disposal of the specific property is ademption by extinction.)

A New York court is asked to construe an ambiguous trust that says income goes to 'my children.' The testator had three biological children and one legally adopted child. Under New York law, the adopted child:

Answer: Is included on equal footing with biological children under EPTL § 2-1.3

Under EPTL § 2-1.3, adopted children are treated the same as biological children for purposes of class gifts, unless the instrument expressly provides otherwise.