New York Trusts, Estates & Wills

Question 1

What is a mandatory trust?

Answer 1

Requires the trustee to distribute all trust income

Question 2

What is a discretionary trust?

Answer 2

Trustee is given the power to distribute income at his discretion.

Question 3

Rules Governing a Settlor of a Trust?

Answer 3

He is the creator of the trust and must be 18 and capable of entering into contracts.

Question 4

When do the rules of intestacy apply?

Answer 4

1. . when someone dies without a will
2. Someone attempts to draft a will but the will is found invalid.
3. Someone’s will fails to dispose of the entirety of his or her estate.

Question 5

What is the share of the surviving spouse?

Answer 5

Everything if no issue or $50,000 plus one-half of the rest if the decendent has issue.

Question 6

What is the rule on simulataneous death in NYC

Answer 6

If they died within 120 days of each other then it is ruled that the parties died simultaneously.

Question 7

When does adoption not cut off inheritance rights?

Answer 7

1. The decedent died after August 31, 1987.
2. The decedent was the adopted child’s grandparent or a descendant of the grandparent.
3. The adopting parent is married to the child’s biological parent.

Question 8

When can a non-marital child inherit from the father?

Answer 8

1. Marraige.
2. Behavior of the father
3. Blood test while the father is alive
4. Adjudication during life
5. Acknowledgement in writing.

Question 9

What are the three requirements that are necessary for a will to be valid?

Answer 9

1. The will must be in writing.
2. Signed by the testator in the presence of witnesses.
3. Signed by atleast two witneses.

Question 10

What are the three ways to revoke a will?

Answer 10

1. Subsequent testamentary instrument
2. Physical act; or
3. Operation of law.

Question 11

What are the four kinds of depositions?

Answer 11

1. Specific
2. Demonstrative
3. General
4. Residuary

Question 12

What are the 3 bars to succession?

Answer 12

1. homicide
2. disclaimer
3. disqualification (failure, to support, abandonment, abuse)

Question 13

What are the grounds for challenging a will based on mental state of the testator?

Answer 13

1. Lack of testamentary capacity
2. Insane delusion
3. Reduce influence
4. Fraud
5. Duress

Question 14

What amounts to testmentary capacity in New York?

Answer 14

1. Understand the extent of his property.
2. the natural objects of his bounty
3. The capacity to know these things.