Archive for July, 2010
What is POD or TOD? What is a Totten Trust?
Posted by admin in Estate planning on July 15, 2010
POD is “Pay on Death” and TOD is “transfer on death.” These accounts will designate a person to whom the account is given upon the death of the account holder. These may also be called a “Totten Account” or a “Totten Trust.”
For example, Bill has an account at Milo Bank. The account is POD Steve. Upon Bill’s death, Steve may show Milo Bank a copy of Steve’s death certificate. Upon presentment, Milo Bank will pay the contents of Steve’s account to Bill, because Bill was the listed beneficiary of Steve’s POD account.
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What is the slayer’s rule?
The slayer’s rule is a doctrine of law that prevents a murderer from benefitting from the murder. An example of this is New York’s EPT §4-1.6, which applies to joint tenant who murder one another. Here is a scenario:
Steve and Bill own a joint account at Milo Bank. Under normal circumstances, if Steve died first, then Bill would get the account. If Bill died first, then Steve would get the account. However, if Steve is convicted of murdering Bill, then the slayer’s rule would prevent Steve from collecting the joint account.
N.Y. EPT. LAW § 4-1.6 : NY Code – Section 4-1.6
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A child died without a will. The parent had abandoned the child. Can that parent still inherit from the child?
(a) No distributive share in the estate of a deceased child shall be
allowed to a parent if the parent, while such child is under the age of
twenty-one years:
(1) has failed or refused to provide for the child or has abandoned
such child, whether or not such child dies before having attained the
age of twenty-one years, unless the parental relationship and duties are
subsequently resumed and continue until the death of the child; or
(2) has been the subject of a proceeding pursuant to section three
hundred eighty-four-b of the social services law which:
(A) resulted in an order terminating parental rights, or
(B) resulted in an order suspending judgment, in which event the
surrogate’s court shall make a determination disqualifying the parent on
the grounds adjudicated by the family court, if the surrogate’s court
finds, by a preponderance of the evidence, that the parent, during the
period of suspension, failed to comply with the family court order to
restore the parent-child relationship.
(b) Subject to the provisions of subdivision eight of section two
hundred thirteen of the civil practice law and rules, the provisions of
subparagraph one of paragraph (a) of this section shall not apply to a
biological parent who places the child for adoption based upon:
(1) a fraudulent promise, not kept, to arrange for and complete the
adoption of such child, or
(2) other fraud or deceit by the person or agency where, before the
death of the child, the person or agency fails to arrange for the
adoptive placement or petition for the adoption of the child, and fails
to comply timely with conditions imposed by the court for the adoption
to proceed.
(c) In the event that a parent or spouse is disqualified from taking a
distributive share in the estate of a decedent under this section or
5-1.2, the estate of such decedent shall be distributed in accordance
with 4-1.1 as though such spouse or parent had predeceased the decedent.
N.Y. EPT. LAW § 4-1.4 : NY Code – Section 4-1.4:
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Who can make a will under New York law?
Posted by admin in Estate planning on July 14, 2010
Anyone over the age of 18, who is of sound mind and memory may make a will under New York law.
N.Y. EPT. LAW § 3-1.1 : NY Code – Section 3-1.1:
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What is “issue” as used in a will?
Posted by admin in Estate planning, Probate on July 14, 2010
(a) Unless a contrary intention is indicated:
(1) Issue are the descendants in any degree from a common ancestor.
(2) The terms “issue” and “descendants”, in subparagraph (1), include
adopted children.
N.Y. EPT. LAW § 1-2.10 : NY Code – Section 1-2.10: Issue
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What is a fiduciary?
Posted by admin in Estate planning, Litigation, Probate on July 14, 2010
A fiduciary is one who can act on behalf of another, typically as a personal representative. A fiduciary duty means that the person acting as a fiduciary must put the other person’s interests above his or her own.
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What is a codicil?
Posted by admin in Estate planning, Probate on July 14, 2010
A codicil is a change to an otherwise valid will. A codicil is a supplement to a will, either adding to, taking from or altering its provisions or confirming it in whole or in part by republication, but not totally revoking such will.
N.Y. EPT. LAW § 1-2.1 : NY Code – Section 1-2.1: Codicil
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