So You Wanna Skip Out on Sharing Your Stuff in New York? Not That Easy, Buddy!
Let's face it, marriage is a beautiful thing... until you remember you're financially entangled with another human being. Then, things can get a little, well, complicated. Especially when it comes to the whole "who gets what after I kick the bucket" situation.
In New York, if you're picturing yourself leaving your beloved spouse high and dry while your goldfish inherits your prized collection of vintage spatulas, think again. Disinheriting your spouse in the Empire State is about as likely as finding a decent everything bagel at 3 pm.
But Why Can't I Be Scrooge McDuck with My Money?
New York law has this thing called the elective share. Basically, it's like a cosmic "get out of jail free" card for your spouse if you try to shut them out of your estate completely. No matter what your will says, your spouse has the right to claim a hefty chunk of your stuff – we're talking either $50,000 or one-third of your estate, whichever is GREATER.
So, that porcelain pig collection you secretly despise? Yeah, your spouse might be snorting with glee while selling it on eBay. Consider it payback for all those times they "accidentally" shrunk your favorite sweater.
Exceptions to the Rule? Maybe Kind Of Sorta...
Now, before you resign yourself to a lifetime of sharing your sour cream dip, there are a few exceptions to this spousal protection racket. These include:
- You were already SEPARATED (and not just living unhappily ever after) when you shuffled off this mortal coil.
- A prenuptial agreement spells out exactly what each of you gets (or doesn't get) in case of a marital meltdown.
- Your spouse waives their right to the elective share in writing (good luck convincing them of that one!).
But here's the kicker: even with these exceptions, your spouse might still be entitled to some support, especially if they were financially dependent on you.
So, What Can I Do If I Really Don't Want My Spouse to Get Everything?
Alright, alright, Mr./Ms. Grumpy Gills. Here are a couple of options (but remember, consulting with an estate planning attorney is always the smartest move):
- Talk to your spouse! Open communication is key in any relationship, especially when it comes to divvying up your earthly possessions.
- Use a trust. Trusts can be a great way to manage your assets and ensure they go to the people (or goldfish) you want them to go to.
Remember: Trying to completely disinherit your spouse in New York is a recipe for legal headaches and potentially a very disgruntled ex.
FAQs
How to make sure my spouse gets a specific amount?
- Talk to an attorney about creating a will that outlines your wishes.
How to keep certain assets separate in New York?
- Prenuptial agreements can specify which assets belong to whom.
How to contest a will in New York?
- Consult with an attorney specializing in estate law.
How to protect myself financially in case of divorce?
- A prenuptial agreement can be your best friend.
How to avoid probate in New York?
- Talk to an estate planning attorney about creating trusts and other strategies.
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