NYLE NY Trusts, Wills & Estates 2

Question 1

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

Accepted 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

Answer

Any written document expressing the testator's wishes is valid

Answer

The will must be notarized but does not require witnesses

Answer

Oral wills are valid if made before three or more witnesses

Question 2

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

Accepted Answer

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

Answer

The right to receive the entire estate regardless of the will

Answer

The right to elect only if the will leaves nothing to the surviving spouse

Answer

A right limited to the marital residence only

Question 3

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

Accepted Answer

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

Answer

The state takes the entire estate

Answer

Everything goes to the surviving spouse

Answer

All property is divided equally among blood relatives regardless of degree

Question 4

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

Accepted Answer

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

Answer

Any person nominated by the court without regard to relationship

Answer

The decedent's attorney

Answer

The oldest living relative regardless of relationship

Question 5

Under New York law, what is a Totten trust?

Accepted 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

Answer

A trust created by a court order to manage a minor's inheritance

Answer

An irrevocable trust that cannot be modified after creation

Answer

A charitable trust for educational purposes

Question 6

Under EPTL 3-3.5, what happens to a bequest in a will when the beneficiary predeceases the testator?

Accepted 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

Answer

The gift automatically goes to the beneficiary's estate

Answer

The gift is voided and the testator must rewrite the will

Answer

The gift always passes to the beneficiary's children regardless of relationship to the testator