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

Under EPTL 4-1.1(a)(1), when a decedent is survived by a spouse and issue, the spouse takes the first $50,000 of the estate plus one-half of the remaining balance. The issue (children) then share the other half of the balance. In this case, the spouse receives $50,000 + (1/2 * $200,000) = $150,000. The two children share the remaining $100,000. Answer choice B accurately reflects this calculation ($50,000 + $100,000 = $150,000 for the spouse, and the children share $100,000).

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

This scenario describes ademption by extinction. Because the will devises a specific piece of property ('my Rolex watch'), and that property is no longer in the testator's estate at the time of death, the bequest fails or 'adeems'. The beneficiary is not entitled to the value of the item or any proceeds unless a specific statutory exception applies, such as insurance proceeds for loss that are paid *after* death. Since the watch was stolen and never recovered, the gift is extinguished.

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 defining characteristic of a 'durable' power of attorney in New York is that the agent's authority to act on behalf of the principal continues after the principal becomes incapacitated. Unless the document expressly states that it terminates upon incapacity, the agent's powers remain in effect.

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

While a trust containing real property must be in writing to satisfy the Statute of Frauds, and a testamentary trust must be in a valid will, an inter vivos (lifetime) trust of solely personal property can be created orally in New York. Therefore, a written instrument is not an essential element for *all* express trusts. The other three options—settlor's intent, a definite beneficiary, and identifiable trust property—are always required.

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

EPTL 3-2.1(a)(4) requires that the attesting witnesses sign within a 30-day period of each other. The testator does not need to sign in the presence of both witnesses simultaneously; she can sign in the presence of one and acknowledge her signature to the other separately. As long as the formalities are completed within the 30-day window, the execution is valid.

NYLE - New York Law Exam Practice Test

NYLE - New York Law Exam Practice Test

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