My will stipulates that upon my death my assets will be inherited by my wife.(they are all non probate assets, either because they are in joint ownership(tenancy by the entirety),joint bank accounts,or she is a designated beneficiary of my IRA.However there is one provision in my will which provides for a gift($25000) for my cousin who lives in another country.Could this provision result in having to have my will go through the probate? I reside in New York State.
4 Answers from Attorneys
Unless the asset registration provides for this, I agree with David that the answer is yes. Have you considered having a POD (Payable On Death) account for your cousin. This is like a joint ownership account in that it avoids probate, but your cousin will only have rights in the account after your demise. Thus, ultimate ownership can be changed by you as circumstances require.