Dear hal1118-ga;
Thank you for allowing me an opportunity to answer your interesting
question. Fundamentally speaking (just to clear up some of the
confusion mentioned below so you have a better understanding in
advance), New York has a probate law called the "right of election".
This is a spousal entitlement law intended to make sure that widows
and widowers aren't forced onto public assistance. The spousal right
of election is a claim against what in legal jargon is called the
decedent's "augmented" estate, which means pretty much everything he
or she owned.
By New York law, a surviving spouse is entitled to claim some
household goods, plus $50,000 or one-third of the deceased spouse?s
assets when he dies, whichever is greater. This entitlement is
available REGARDLESS OF WHAT THE WILL SAYS! So, for example, if your
husband?s estate is worth $45,000, you, as his surviving spouse, can
claim it all. If his estate is worth $300,000, your right of election
entitles you to $100,000, and the remaining portions are divided in
accordance with the will, and so on.
?There is no statue granting the surviving spouse the right to take an
elective share. The surviving spouse may elect to take the amount the
surviving spouse would have received had the deceased died intestate.
This amount is one third of the net estate if there are more then one
issue, and one half of the net estate in all other cases. N.Y. Probate
Law §5-1.1.?
KELN.ORG
http://www.keln.org/bibs/hrenchir1.html
In New York, the rights a surviving spouse different depending upon
when the will was executed. If the will was executed after August 31,
1930 and prior to September 1, 1966, the surviving spouse has an
elective share equal to one-third of the net estate if the decedent is
survived by one or more issue [offspring] and, in all other cases,
one-half of such net estate. There are some exceptions here depending
on how much the estate is worth, how long the marriage was, etc. and
the statute is fairly complex depending on the circumstances.
The statute is equally complex with regard to a surviving spouse?s
rights under various circumstances where a person dies after September
1, 1966 and the will is executed after that date.
One could make an academic study of this statute for weeks and
probably not learn everything there is to know about it and since we
cannot offer legal advice is it always recommended that you have a
qualified and licensed attorney to explain your rights to you. Having
said that, here are your rights as a surviving spouse if you?d like to
read them and make use of them on your own:
NEW YORK STATE CONSOLIDATED LAWS
Article 5: Estates, Powers & Trusts
http://caselaw.lp.findlaw.com/nycodes/c38/a16.html
I hope you find that my research exceeds your expectations. If you
have any questions about my research please post a clarification
request prior to rating the answer. Otherwise I welcome your rating
and your final comments and I look forward to working with you again
in the near future. Thank you for bringing your question to us.
Best regards;
Tutuzdad-ga ? Google Answers Researcher
INFORMATION SOURCES
Here are some very informative articles that explain it much better:
NEW YORK CITY BUSINESS
?Spouse gets estate share?
http://www.nynewsday.com/business/printedition/ny-bzbrenner113750295apr11,0,5425861.column?coll=ny-business-print
NEW YORK CITY BUSINESS
?A disinherited spouse can contest the will?
http://www.nynewsday.com/business/yourmoney/ny-bzfinance3725781mar28,0,2669917.column?coll=ny-personalfinance-headlines
SEARCH STRATEGY
SEARCH ENGINE USED:
Google ://www.google.com
SEARCH TERMS USED:
SURVIVING SPOUSE
RIGHT OF ELECTION
WILL
PROBATE LAW
ESTATE LAW |
