Description

Will for Individual with Spouse or Partner (NY)

Will for Individual with Spouse or Partner (NY) Preparation Form – We recommend that you gather the information in this form prior to accessing the online questionnaire.  Doing so will help you efficiently create your custom New York Will for couples.

Summary

This is a New York Will for an individual with a spouse or partner.  More specifically, this New York Will is for married or unmarried couples, with or without children.  Notably, married couples or unmarried partners can use this document to create mirror wills.  To accomplish this, the will for each spouse or partner should be nearly identical.  This Will is relatively simple and well-suited for couples who plan to transfer everything to each other upon one’s death.  Further, this Will is for individuals who want a simple, consistent plan for transfers upon their spouse’s or partner’s death.  Additionally, this document contemplates the instance upon which simultaneous deaths occur.

New York

This Will is for couples residing in New York.  If you live in New Jersey, Helix Wills offers a New Jersey Will for Individual with Spouse or Partner.  If you live in another state, please contact us, as we have access to wills in other states and can help you create a custom order that suits your needs.

Details

This New York Will does not create trusts.  The executor has discretion regarding distributions to beneficiaries when there are minor or incapacitated beneficiaries.  You should generally consider using a will with continuing trusts if:

• The beneficiaries are minors.
• Your children are young adults or older. However, you do not believe your children are old enough or financially mature enough to receive outright distributions.

No Minimum Inheritance Guaranteed

This New York Will for couples directs substantially all assets to a surviving spouse or partner upon the other’s death.  However, this Will does not guarantee any particular minimum inheritance to a surviving spouse or partner.  There are no provisions under New York law requiring that an unmarried partner receive a minimum amount from an estate.  Nevertheless, a surviving spouse is entitled to receive a minimum inheritance from the estate.  Please note this distinction between a spouse and a partner.

Assets may pass outside of probate to persons other than the surviving spouse or the estate.  Therefore, it’s possible a surviving spouse will not receive enough under this Will to satisfy the required minimum obligations.  If this is your desired outcome, spouses should enter into a contractual agreement waiving inheritance rights.  This Will may be an appropriate part of a couples’ estate planning.  However, standing alone, this Will does not specifically waive inheritance rights.  If the amount the surviving spouse ultimately receives is less than what they are entitled to under New York law, they can pursue the right to obtain additional assets.

To determine what amounts a surviving spouse or partner must receive, you should consider all relevant factors.  Whether you’re in a common-law marriage is one factor that may determine the amount a surviving spouse or partner receives.  Additionally, factors include whether any marital agreements affect the surviving spouse’s right to inherit.  For example, such agreements may include Premarital and Postmarital Agreements.  Finally, another factor to consider is a surviving spouse’s rights to an elective share.  In addition, you should consider the surviving spouse’s right to other exempt property.

Elective Share

Spouses have the right to inherit a certain minimum amount from each other under New York law.  You can always give the surviving spouse more than this minimum amount.  However, you cannot provide less than the minimum amount unless the spouse waives their inheritance rights.