NYLE 7 questions with verified answers
Abatement Ans✓✓-•funeral expenses, debts, taxes and administration expenses
retain priority over dispositions under a will and distributions in intestacy
-unless otherwise provided by a testator, if the assets of the testators estate are
insufficient to pay all obligations of the estate and distributions under the will, the
interest in the estate will Abate in the following order:
--distributive shares and property not disposed of by Will
--residuary dispositions
--General dispositions, including demonstrative dispositions to the extent that the
property or fund charged with a demonstrative disposition has adeemed
--specific dispositions (ratably) including demonstrative dispositions if the
property or fund charged with a demonstrative disposition has not adeemed
--dispositions to the decedents spouse that are eligible for the estate tax marital
deduction
-the testator May however provide for a different order of abatement
ademption Ans✓✓-•under the identity theory of Ademption, When a testator
makes a specific disposition of property and the property is not part of the estate
at the testator's death, the disposition fails
-we're specifically devised property changes form however the specific gift does
not adeem
-a conveyance, settlement or other Act of a testator by which an estate in his
property, previously disposed of by will, is altered but not holy divested does not
revoke such disposition, but the estate in the property that remains in the
testator cases to the beneficiaries pursuant to the disposition
-however any such conveyance, settlement or other Act of the testator which is
solely inconsistent with such previous testamentary disposition revokes it
,•if a decedent has entered into a contract to sell specifically disposed property
but did not complete the sale before the decedent's death, the disposition is not a
deemed but passes to the beneficiary subjects to the Rights created by contract
•if specifically disposed property is damaged or destroyed before the decedent's
death and the insurance company reimburses the executor after the decedent's
death, the beneficiary is entitled to the insurance proceeds
adopted out children Ans✓✓-•adopted out children are not the issue of their
biological parents. thus, as a general matter, and adopted out child will not take in
a class gift from a birth relative unless that child is specifically named in a
biological ancestors will, or if the gift is expressly made to issue including those
adopted out of the Family
•and adopted out child May however share in a class gift to issue of the child's
biological family if the testator or grand tour is the child's grandparent or a
descendant of the grandparent ( aunt, uncle, cousin Etc) and the adoptive parent
is a step parent, a grandparent or a descendant of the grandparent
Advancement Ans✓✓-•under the doctrine of advancement, a testator May
satisfy part or all of a disposition or intestate share by making a lifetime gift to the
beneficiary
-the doctrine is limited to gifts that are accompanied by a writing, which must be
executed contemporaneously with the gift and signed by the decedent, or
acknowledged by the donee, stating that the donor intended the gift to be an
advancement
-the decedent must intend to substitute the gift for the donies share of the estate
•competency of attesting witness- beneficiary
•a disposition to an attesting witness is void unless there are two other
disinterested attesting Witnesses who are available to testify
-however an interested witness remains a competent witness and may be called
to testify as to the validity of the will
, -if the interested witness is also an intestate distributee, the witness is entitled to
receive the lesser of the Witnesses in test State share or the disposition made to
the witness in the will
agents authority to make gifts Ans✓✓-•under the statutory short form power of
attorney, and agent may only make gifts that the principal customarily has made
to individuals including the agent and charitable organizations up to $5,000 in the
aggregate in any calendar year
-if the principal wishes to Grant an agent authority to make other gifts or gifts and
access of an annual total of $5,000, the principal must initial statement in the
statutory short form power of attorney and expressly Grant such authorization in
the modification section
alienability of trust interests 2 Ans✓✓-•remainder interests are freely alienable
unless by specific provision in the trust The Grand Tour makes the trust remainder
inalienable. in the example above, B can sell their remainder interest during their
lifetime or bequeath it by will, even if the remainder interest is contingent
•creditors of the Creator and income beneficiaries have certain statutory rights.
for example a disposition and Trust by a creator for the Creator's own benefit ( a
self-settled trust) is void against existing or subsequent creditors
-creditors are allowed to reach 10% of the income from a trust and unless a trust
requires the accumulation of income, accreditor May Levy against the income in
excess of what is necessary for the income beneficiaries support and education
alienability of trust interests and spendthrift trust provisions, rights of creditors
Ans✓✓-•in new york, and come interests in a trust are not alienable and are
therefore beyond the reach of creditors (i.e. spend Thrift protection), unless the
trust instrument expressly makes them alienable
Abatement Ans✓✓-•funeral expenses, debts, taxes and administration expenses
retain priority over dispositions under a will and distributions in intestacy
-unless otherwise provided by a testator, if the assets of the testators estate are
insufficient to pay all obligations of the estate and distributions under the will, the
interest in the estate will Abate in the following order:
--distributive shares and property not disposed of by Will
--residuary dispositions
--General dispositions, including demonstrative dispositions to the extent that the
property or fund charged with a demonstrative disposition has adeemed
--specific dispositions (ratably) including demonstrative dispositions if the
property or fund charged with a demonstrative disposition has not adeemed
--dispositions to the decedents spouse that are eligible for the estate tax marital
deduction
-the testator May however provide for a different order of abatement
ademption Ans✓✓-•under the identity theory of Ademption, When a testator
makes a specific disposition of property and the property is not part of the estate
at the testator's death, the disposition fails
-we're specifically devised property changes form however the specific gift does
not adeem
-a conveyance, settlement or other Act of a testator by which an estate in his
property, previously disposed of by will, is altered but not holy divested does not
revoke such disposition, but the estate in the property that remains in the
testator cases to the beneficiaries pursuant to the disposition
-however any such conveyance, settlement or other Act of the testator which is
solely inconsistent with such previous testamentary disposition revokes it
,•if a decedent has entered into a contract to sell specifically disposed property
but did not complete the sale before the decedent's death, the disposition is not a
deemed but passes to the beneficiary subjects to the Rights created by contract
•if specifically disposed property is damaged or destroyed before the decedent's
death and the insurance company reimburses the executor after the decedent's
death, the beneficiary is entitled to the insurance proceeds
adopted out children Ans✓✓-•adopted out children are not the issue of their
biological parents. thus, as a general matter, and adopted out child will not take in
a class gift from a birth relative unless that child is specifically named in a
biological ancestors will, or if the gift is expressly made to issue including those
adopted out of the Family
•and adopted out child May however share in a class gift to issue of the child's
biological family if the testator or grand tour is the child's grandparent or a
descendant of the grandparent ( aunt, uncle, cousin Etc) and the adoptive parent
is a step parent, a grandparent or a descendant of the grandparent
Advancement Ans✓✓-•under the doctrine of advancement, a testator May
satisfy part or all of a disposition or intestate share by making a lifetime gift to the
beneficiary
-the doctrine is limited to gifts that are accompanied by a writing, which must be
executed contemporaneously with the gift and signed by the decedent, or
acknowledged by the donee, stating that the donor intended the gift to be an
advancement
-the decedent must intend to substitute the gift for the donies share of the estate
•competency of attesting witness- beneficiary
•a disposition to an attesting witness is void unless there are two other
disinterested attesting Witnesses who are available to testify
-however an interested witness remains a competent witness and may be called
to testify as to the validity of the will
, -if the interested witness is also an intestate distributee, the witness is entitled to
receive the lesser of the Witnesses in test State share or the disposition made to
the witness in the will
agents authority to make gifts Ans✓✓-•under the statutory short form power of
attorney, and agent may only make gifts that the principal customarily has made
to individuals including the agent and charitable organizations up to $5,000 in the
aggregate in any calendar year
-if the principal wishes to Grant an agent authority to make other gifts or gifts and
access of an annual total of $5,000, the principal must initial statement in the
statutory short form power of attorney and expressly Grant such authorization in
the modification section
alienability of trust interests 2 Ans✓✓-•remainder interests are freely alienable
unless by specific provision in the trust The Grand Tour makes the trust remainder
inalienable. in the example above, B can sell their remainder interest during their
lifetime or bequeath it by will, even if the remainder interest is contingent
•creditors of the Creator and income beneficiaries have certain statutory rights.
for example a disposition and Trust by a creator for the Creator's own benefit ( a
self-settled trust) is void against existing or subsequent creditors
-creditors are allowed to reach 10% of the income from a trust and unless a trust
requires the accumulation of income, accreditor May Levy against the income in
excess of what is necessary for the income beneficiaries support and education
alienability of trust interests and spendthrift trust provisions, rights of creditors
Ans✓✓-•in new york, and come interests in a trust are not alienable and are
therefore beyond the reach of creditors (i.e. spend Thrift protection), unless the
trust instrument expressly makes them alienable
