NYLE - New York Law Exam NY Trusts, Wills & Estates 1 — Questions and Answers
Question 1: Under New York EPTL 3-4.1, which of the following is a valid method to revoke a previously executed will?
- Orally declaring the will revoked before two witnesses
- Physically burning, tearing, or obliterating the will with the intent to revoke it (Correct answer)
- Filing a written notice of revocation with the Surrogate's Court
- Executing a durable power of attorney naming a different agent
Correct answer: Physically burning, tearing, or obliterating the will with the intent to revoke it
EPTL 3-4.1 permits revocation of a will by (1) a subsequent will or codicil, or (2) a physical act such as burning, tearing, cutting, canceling, obliterating, or destroying the will, performed by the testator or by another at the testator's direction and in the testator's presence, with intent to revoke. An oral declaration alone is insufficient.
Question 2: Under New York EPTL 3-3.3, the anti-lapse statute applies when a testamentary beneficiary predeceases the testator. For the statute to substitute the deceased beneficiary's issue, the beneficiary must be:
- Any friend or business associate named in the will
- A grandparent or a descendant of a grandparent of the testator (Correct answer)
- Any person related to the testator by marriage
- A creditor of the testator's estate
Correct answer: A grandparent or a descendant of a grandparent of the testator
EPTL 3-3.3 prevents lapse only when the predeceased beneficiary was a grandparent or a descendant of a grandparent of the testator (i.e., relatives within the testator's family tree). If the beneficiary qualifies, the gift passes to that beneficiary's issue by representation rather than falling into the residuary estate.
Question 3: Under New York EPTL 7-3.1, which statement correctly describes the effect of a valid spendthrift trust provision?
- The beneficiary may freely assign future income payments to third parties
- Creditors of the beneficiary may garnish trust income before it is distributed
- The beneficiary's interest cannot be voluntarily transferred or reached by creditors before distribution (Correct answer)
- The trustee must seek court approval before making any discretionary distribution
Correct answer: The beneficiary's interest cannot be voluntarily transferred or reached by creditors before distribution
EPTL 7-3.1 provides that a valid spendthrift provision restrains both voluntary transfer by the beneficiary and involuntary seizure by creditors. The beneficiary's interest is protected until funds are actually distributed. Exceptions exist for certain claims such as court-ordered child support or spousal maintenance.
Question 4: Under New York EPTL 7-1.17, what is required for the creation of a valid inter vivos (living) trust in New York?
- A written instrument signed by the grantor, but no witnesses are required (Correct answer)
- A written instrument signed by the grantor and acknowledged before two witnesses, identical to will formalities
- An oral declaration before a notary public is sufficient
- Filing a trust instrument with the Surrogate's Court before the trust becomes effective
Correct answer: A written instrument signed by the grantor, but no witnesses are required
EPTL 7-1.17 requires that an inter vivos trust be in writing and signed by the grantor. Unlike a will under EPTL 3-2.1, a living trust does NOT require two witnesses. No court filing is necessary for the trust to become effective.
Question 5: Under New York EPTL 2-1.6, the Uniform Simultaneous Death Act, if two individuals die in a common accident and it cannot be determined who survived the other, how is their property distributed?
- The older person is presumed to have survived the younger
- Each person is deemed to have predeceased the other for purposes of distributing that person's own property (Correct answer)
- All property passes to the State of New York by escheat
- The court holds the combined estate in trust until a surviving heir is identified
Correct answer: Each person is deemed to have predeceased the other for purposes of distributing that person's own property
Under EPTL 2-1.6, when two persons die simultaneously or under circumstances making it impossible to determine the order of death, each is treated as having predeceased the other solely for purposes of distributing that individual's property. New York also applies a 120-hour survival requirement — a beneficiary must survive the decedent by 120 hours to take.
Question 6: Under New York EPTL 3-1.1, what is the minimum age requirement for a person to execute a valid will in New York?
- 16 years old
- 17 years old
- 18 years old (Correct answer)
- 21 years old
Correct answer: 18 years old
EPTL 3-1.1 provides that any person who is 18 years of age or older and of sound mind and memory may make a will. Limited exceptions exist for members of the armed forces or mariners at sea, who may execute a valid nuncupative (oral) will regardless of age.
NYLE - New York Law Exam NY Trusts, Wills & Estates 1
Under New York EPTL 3-4.1, which of the following is a valid method to revoke a previously executed will?