New York Spousal Right of Election
The Spousal Right of Election in New York safeguards the financial interests of surviving spouses by ensuring they receive a fair share of their deceased partner's estate. This guide outlines the purpose, process, and essential information related to exercising this right.Objective of NY Spousal Right of Election
The Spousal Right of Election aims to protect surviving spouses from disinheritance or insufficient support by guaranteeing a minimum share of their deceased partner's estate, regardless of the provisions in their will or trust.Surviving Spouses' Legal Entitlement
In New York, the surviving spouse is entitled to the greater of $50,000 or one third of the deceased's net estate, which encompasses both probate and non-probate assets. This right does not apply to legally separated or divorced couples, or if the spouse has waived their rights through a valid prenuptial or postnuptial agreement.Exercising the Spousal Right of Election
To claim their elective share, the surviving spouse must file a written notice with the Surrogate's Court within six months of the decedent's death or two years from the issuance of letters testamentary or administration, whichever is later. The notice should contain the decedent's name, date of death, and the spouse's intent to claim their share.Implications of Exercising the Right
Once the Spousal Right of Election is exercised, the surviving spouse forgoes specific bequests under the decedent's will or trust, receiving the elective share calculated by New York law. The remaining assets are distributed according to the will or trust, or per New York's intestacy laws in the absence of a will.Seeking Legal Assistance
Navigating the Spousal Right of Election can be complicated, making it crucial to consult an experienced estate planning or probate attorney. They can help you understand your options, guide you through the legal process, and advocate for the best possible outcome. Call 1-800-939-0235 for a free case evaluation today.Frequently Asked Questions - FAQ
Q. What if the surviving spouse doesn't exercise the Spousal Right of Election? A. They will receive any bequests made under the decedent's will or trust but will not be entitled to the elective share per New York law. Q. Can a surviving spouse exercise the Spousal Right of Election if excluded from the will? A. Yes, the right is designed to protect surviving spouses from disinheritance or inadequate provisions, even if intentionally left out of the will or trust. Q. Can the Spousal Right of Election be waived? A. Yes, through a valid prenuptial or postnuptial agreement signed by both parties, which must be in writing, voluntarily entered into, and executed with full asset disclosure. Q. Can the Spousal Right of Election be contested? A. Yes, litigation may be necessary to protect your inheritance rights. The opposition may argue your marriage was invalid or that you abandoned your spouse during the marriage. Understanding the Spousal Right of Election and the legal procedures involved is vital for surviving spouses. Consult an experienced estate planning or probate attorney to navigate the process and safeguard your financial well-being during this challenging time. Call 800-939-0235 to speak with a knowledgeable attorney today.
New York Spousal Right of Election
The Spousal Right of Election in New York safeguards the financial interests of surviving spouses by ensuring they receive a fair share of their deceased partner's estate. This guide outlines the purpose, process, and essential information related to exercising this right.Objective of NY Spousal Right of
Election
The Spousal Right of Election aims to protect surviving spouses from disinheritance or insufficient support by guaranteeing a minimum share of their deceased partner's estate, regardless of the provisions in their will or trust.Surviving Spouses' Legal Entitlement
In New York, the surviving spouse is entitled to the greater of $50,000 or one third of the deceased's net estate, which encompasses both probate and non- probate assets. This right does not apply to legally separated or divorced couples, or if the spouse has waived their rights through a valid prenuptial or postnuptial agreement.Exercising the Spousal Right of Election
To claim their elective share, the surviving spouse must file a written notice with the Surrogate's Court within six months of the decedent's death or two years from the issuance of letters testamentary or administration, whichever is later. The notice should contain the decedent's name, date of death, and the spouse's intent to claim their share.Implications of Exercising the Right
Once the Spousal Right of Election is exercised, the surviving spouse forgoes specific bequests under the decedent's will or trust, receiving the elective share calculated by New York law. The remaining assets are distributed according to the will or trust, or per New York's intestacy laws in the absence of a will.Seeking Legal Assistance
Navigating the Spousal Right of Election can be complicated, making it crucial to consult an experienced estate planning or probate attorney. They can help you understand your options, guide you through the legal process, and advocate for the best possible outcome. Call 1-800-939-0235 for a free case evaluation today.Frequently Asked Questions - FAQ
Q. What if the surviving spouse doesn't exercise the Spousal Right of Election? A. They will receive any bequests made under the decedent's will or trust but will not be entitled to the elective share per New York law. Q. Can a surviving spouse exercise the Spousal Right of Election if excluded from the will? A. Yes, the right is designed to protect surviving spouses from disinheritance or inadequate provisions, even if intentionally left out of the will or trust. Q. Can the Spousal Right of Election be waived? A. Yes, through a valid prenuptial or postnuptial agreement signed by both parties, which must be in writing, voluntarily entered into, and executed with full asset disclosure. Q. Can the Spousal Right of Election be contested? A. Yes, litigation may be necessary to protect your inheritance rights. The opposition may argue your marriage was invalid or that you abandoned your spouse during the marriage. Understanding the Spousal Right of Election and the legal procedures involved is vital for surviving spouses. Consult an experienced estate planning or probate attorney to navigate the process and safeguard your financial well-being during this challenging time. Call 800-939-0235 to speak with a knowledgeable attorney today.New York Law Protects the Inheritance
Rights of the Surviving Spouse - The
Spousal Right of Election
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