Review Flashcards
What if member of “generic class” predeceases testator?
Absent a contrary prvn in the Will….
The SURVIVING class members TAKE in equal share
IF NY’s anti-lapse statute applies (i.e. member is ISSUE or SIBLING of testator AND leaves a surviving issue) → the share GOES to the predeceased member’s ISSUE
NOTE: if the gift was “INDIVIDUALLY” named (i.e. not as a class), then the lapsing share will go to the RESIDUARY (unless anti-lapse applies)
What is a codicil?
Later amendment OR supplement to a Will that must be executed with the same will formalities as a full Will
EFFECT: Will deemed to have been executed on new date
NOTE: Revocation of a codicil does NOT revoke the underlying will
How does one waive their right of election?
SIGNED WRITING (w/ or w/o consideration) that is ACKNOWLEDGED (b4 notary public) and EXPLICIT
(i) BEFORE or AFTER marriage; AND
(ii) as to particular Will or t-sub, or as to ALL Wills and t-subs in general
General waiver (e.g., premarital agmt) of all rights waives right to elective share or intestate share
Specific waiver requires it is explicit, voluntary, and made in good faith.