NYLE - New York Law NY Trusts, Wills & Estates Questions and Answers

Question 1

A decedent dies intestate in New York, survived only by his spouse and his two adult children.
If the decedent's net estate is valued at $250,000, how will the assets be distributed under the Estates, Powers & Trusts Law (EPTL)?

Accepted Answer

The spouse receives the first $50,000, and the remaining $200,000 is split equally, with the spouse taking $100,000 and the two children sharing $100,000.

Answer

The spouse receives the entire $250,000.

Answer

The spouse and the two children each receive one-third of the estate.

Answer

The spouse receives $100,000, and the two children share the remaining $150,000.

Question 2

A testator's will specifically devises 'my Rolex watch' to his friend. A year before the testator's death, the watch is stolen and is never recovered. At the time of the testator's death, what is the friend entitled to receive from the estate?

Accepted Answer

Nothing, because the gift is adeemed.

Answer

The cash value of the watch at the time it was stolen.

Answer

Any insurance proceeds paid to the estate for the loss of the watch.

Answer

A substitute watch of equivalent value purchased by the executor.

Question 3

Under New York's General Obligations Law, a power of attorney is considered 'durable' by default. What is the primary legal effect of this durational feature?

Accepted Answer

The agent's authority continues even if the principal later becomes incapacitated.

Answer

The power of attorney becomes effective only upon the principal's incapacity.

Answer

The power of attorney is irrevocable by the principal once signed.

Answer

The agent must post a bond to be appointed.

Question 4

Which of the following is NOT an essential element for the creation of a valid express trust in New York?

Accepted Answer

A written instrument signed and notarized.

Answer

A definite beneficiary or class of beneficiaries.

Answer

A settlor with the intent to create a trust.

Answer

Identifiable trust property (the res).

Question 5

A testator signs her will in the presence of Witness A, who immediately signs as a witness. The next day, the testator meets with Witness B, acknowledges her signature on the will, and Witness B signs. The will execution ceremony is supervised by an attorney. Is the will validly executed under the EPTL?

Accepted Answer

Yes, because the witnesses attested to the testator's signature within the required 30-day period.

Answer

No, because both witnesses must be present at the same time when the testator signs.

Answer

No, because the order of execution was improper; the testator must sign last.

Answer

Yes, but only because the ceremony was supervised by an attorney.

Question 6

A beneficiary under a New York will containing a valid in terrorem (no-contest) clause has concerns that the testator was subject to undue influence. Which of the following actions may the beneficiary take WITHOUT triggering the no-contest clause and forfeiting their inheritance?

Accepted Answer

Conducting pre-objection discovery by deposing the attesting witnesses and the attorney who drafted the will.

Answer

Filing formal objections to the will's probate on the grounds of undue influence.

Answer

Initiating a separate lawsuit against the alleged influencer for tortious interference.

Answer

Encouraging another disinherited relative to file a will contest.

A decedent dies intestate in New York, survived only by his spouse and his two adult children.If the decedent's net estate is valued at $250,000, how will the assets be distributed under the Estates, Powers & Trusts Law (EPTL)?

A decedent dies intestate in New York, survived only by his spouse and his two adult children.
If the decedent's net estate is valued at $250,000, how will the assets be distributed under the Estates, Powers & Trusts Law (EPTL)?