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.
Related Questions & Answers
Our 86 yr. old aunt had no relatives except 4 nephews. Her caretaker of 3 yrs. says... Asked 5/08/13, 6:54 pm in United States New York Probate, Trusts, Wills & Estates
If my guardian died in 2007 and left behind his retirement money 100,00,00 and his... Asked 5/06/13, 9:02 am in United States New York Probate, Trusts, Wills & Estates
My dad passed away last year leaving a small trust. My mother is now trustee, with... Asked 5/04/13, 10:57 am in United States New York Probate, Trusts, Wills & Estates
My aunt passed away in november 2012. her mother, my grandmother hired an attorney... Asked 5/02/13, 12:08 pm in United States New York Probate, Trusts, Wills & Estates
We inherited a house along with my sister in law -we have lived in the house for 20... Asked 4/30/13, 5:27 am in United States New York Probate, Trusts, Wills & Estates