When a loved one passes away, the emotional toll can be immense, and the legal aspects that follow can add to the burden. In New York, a unique legal provision known as the “Right of Election” offers protection to surviving spouses in the distribution of the deceased’s estate. This right ensures that a surviving spouse is entitled to a certain share of the decedent’s estate, regardless of what may be stated in the deceased’s will. In this article, we will explore what the “Right of Election” is, the requirements spouses must meet to invoke this right, and its implications for estate planning and administration.
What is the “Right of Election”?
The “Right of Election” in New York is governed by Section 5-1.1A of the Estates, Powers, and Trusts Law (EPTL). It grants surviving spouses the right to claim a portion of their deceased spouse’s estate, even if the deceased attempted to disinherit them through a will or other estate planning instrument. This provision serves to protect surviving spouses from being left without any support after the death of their partner.
The “Right of Election” ensures that a surviving spouse receives a share equal to the greater of $50,000 or one-third of the deceased spouse’s net estate. By invoking this right, a surviving spouse can ensure that they are provided for to some extent, regardings of what may have been planned in the deceased’s will.
Requirements for Invoking the “Right of Election”:
While the “Right of Election” provides important protection for surviving spouses, it is essential to understand that certain requirements must be met to invoke this right successfully:
- Marital Relationship: To qualify for the “Right of Election,” the individual must have been legally married to the deceased at the time of their death. Informal or common-law marriages are generally not recognized in New York for the purposes of this provision.
- Surviving Spouse: Only surviving spouses are entitled to claim the “Right of Election.” Divorced spouses, annulled spouses, or individuals who were legally separated from the deceased at the time of their death are not eligible to invoke this right.
- Legal Residency: The surviving spouse must be a legal resident of New York at the time of the deceased’s death to claim the “Right of Election” under New York state law.
- Timely Filing: The surviving spouse must file a petition with the court to claim the “Right of Election” within six months from the date of the issuance of letters testamentary or letters of administration for the estate. Failing to meet this deadline may result in the loss of the right to claim an elective share.
- Waiver of the Right: It is essential to note that the “Right of Election” can be waived in a valid prenuptial or postnuptial agreement. If the surviving spouse previously agreed to waive their right to the elective share, they cannot claim it after the death of their partner.
Implications for Estate Planning and Administration:
The existence of the “Right of Election” in New York has significant implications for both estate planning and administration:
- Estate Planning: The “Right of Election” underscores the importance of careful estate planning for individuals who wish to ensure that their assets are distributed according to their wishes. To minimize the possibility of a surviving spouse claiming an elective share, it is crucial to work with an experienced estate planning attorney who can create a comprehensive plan, including wills, trusts, and other instruments that align with the individual’s intentions.
- Family Dynamics: In cases where a surviving spouse chooses to exercise the “Right of Election,” it may lead to disputes and conflicts within the family. The surviving spouse’s claim could potentially reduce the amount of inheritance received by other beneficiaries named in the will.
- Probate Process: The “Right of Election” adds complexity to the probate process since it introduces an additional consideration that may not have been anticipated in the decedent’s estate planning.
- Court Intervention: If the estate’s beneficiaries and the surviving spouse disagree on the rightful distribution, court intervention may be necessary to settle the matter, which can prolong the estate administration process.
Estate Planning and Legal Expertise: Your Path to Peace of Mind
Navigating the complexities of estate planning and understanding the implications of the “Right of Election” in New York can be overwhelming. However, with the help of experienced and dedicated legal professionals, you can ensure that your assets are distributed according to your wishes and that your loved ones are protected.
Why Choose Friedman & Ranzenhofer, PC?
At Friedman & Ranzenhofer, PC, we have a team of skilled estate planning attorneys who have extensive knowledge of New York’s laws and regulations. We understand that each individual’s situation is unique, and we are committed to tailoring our services to meet your specific needs and objectives.
Our estate planning services encompass a wide range of legal instruments, including wills, trusts, living wills, and powers of attorney. Our attorneys will work closely with you to create a comprehensive estate plan that reflects your wishes and protects your assets for future generations.
Our Approach to Estate Planning
When you choose Friedman & Ranzenhofer, PC, for your estate planning needs, you can expect a personalized and compassionate approach. Our attorneys take the time to listen to your concerns, understand your family dynamics, and carefully analyze your financial situation to devise the most appropriate strategies for your estate plan.
Comprehensive Review of Existing Plans
If you already have an estate plan in place, it is essential to review it periodically to ensure that it aligns with your current circumstances and desires. Our attorneys will conduct a thorough review of your existing estate plan and make necessary adjustments to accommodate any changes in your life, such as marriages, divorces, births, or significant financial shifts.
Prenuptial and Postnuptial Agreements
To provide added protection and clarity for you and your spouse, our team can assist in drafting prenuptial or postnuptial agreements. These agreements can address the “Right of Election” and other key estate planning considerations, providing a sense of security and reducing the potential for future disputes.
Understanding New York’s “Right of Election” is crucial for both married couples and estate planning attorneys. The provision offers valuable protection to surviving spouses, but it also presents complexities that need to be carefully addressed during the estate planning process. Engaging the services of an experienced and knowledgeable estate planning attorney can help navigate the legal intricacies and ensure that the individual’s intentions are upheld.
If you need assistance with estate planning or have questions about the “Right of Election” in New York, our team at Friedman & Ranzenhofer, PC, is here to help. Contact us today to schedule a consultation and safeguard your future and that of your loved ones.