Getting Married Again, Inheritance To Go To Only Child

[pratapkaur]

What is the name of your state? New York

I am getting married again and my only child is 20 years old. In case I die, I wish she get everything instead of would-be Husband (you never know how people will be).

Can I put "Payable on Death" to my daughter on my bank accounts. Will it go to her without any trouble.

Thanking you,
Pratap

 

[justalayman]

Yes you can and it will go immediately to her. If you have property you can take actions to cause that to go to her as well. I would suggest speaking with an estate planner or attorney who practices in the field of estate planning to get things set as you desire.

 

[pratapkaur]

Yes you can and it will go immediately to her. If you have property you can take actions to cause that to go to her as well. I would suggest speaking with an estate planner or attorney who practices in the field of estate planning to get things set as you desire.

Thank you, Sir

 

[adjusterjack]

Can I put "Payable on Death" to my daughter on my bank accounts.

If you do that, make sure your daughter has a record of the account locations, account numbers, and copies of the POD document. Revisit the designations every few years to make sure the banks keep the documentation updated.

 

[LdiJ]

What is the name of your state? New York

I am getting married again and my only child is 20 years old. In case I die, I wish she get everything instead of would-be Husband (you never know how people will be).

Can I put "Payable on Death" to my daughter on my bank accounts. Will it go to her without any trouble.

Thanking you,
Pratap

Anything you make your daughter the beneficiary of, will go to her upon your death. That could include bank accounts, life insurance, investment accounts, retirement accounts, etc.

 

[TrustUser]

dont forget your real estate !!

 

[Taxing Matters]

What is the name of your state? New York

I am getting married again and my only child is 20 years old. In case I die, I wish she get everything instead of would-be Husband (you never know how people will be).

Can I put "Payable on Death" to my daughter on my bank accounts. Will it go to her without any trouble.

Thanking you,
Pratap

I disagree with the implication by others who have responded that you can completely cut your husband off from receiving anything simply by ensuring it passes outside of probate, like putting pay on death beneficiary designations on bank accounts. NY law allows a spouse to get at least one third of the augmented estate if you die with a will that cuts him out, and half of it if you do not have a will. That augmented estate is more than the probate estate and covers many testamentary substitutes like POD bank accounts. The surviving spouse is also entitled to a set-aside amount of $56,000. The NY legislature got wise to the game of using these devices to cut out a spouse and put in provisions to stop that. It is very difficult to completely cut out a spouse in NY. I strongly recommend you see an estate planning lawyer in NY for advice. If you go into this without doing that and try to cut him out that could result in seriously screwing up your intended estate plan.

 

[LdiJ]

I disagree with the implication by others who have responded that you can completely cut your husband off from receiving anything simply by ensuring it passes outside of probate, like putting pay on death beneficiary designations on bank accounts. NY law allows a spouse to get at least one third of the augmented estate if you die with a will that cuts him out, and half of it if you do not have a will. That augmented estate is more than the probate estate and covers many testamentary substitutes like POD bank accounts. The surviving spouse is also entitled to a set-aside amount of $56,000. The NY legislature got wise to the game of using these devices to cut out a spouse and put in provisions to stop that. It is very difficult to completely cut out a spouse in NY. I strongly recommend you see an estate planning lawyer in NY for advice. If you go into this without doing that and try to cut him out that could result in seriously screwing up your intended estate plan.

The presumption is that the new marriage will build up its own assets and that the OP is only trying to protect premarital assets.

 

[Taxing Matters]

The presumption is that the new marriage will build up its own assets and that the OP is only trying to protect premarital assets.

Her post as I read it does not suggest that she only wants her kid to get her pre-marital assets. She said “In case I die, I wish she get everything instead of would-be Husband.” Everything means, well, everything. Not just the pre-marital assets. That would be something less than everything.

Moreover, the surviving spouse provisions in the New York Estates, Powers, and Trusts (EPT) Code make no distinction between pre- and post-marital assets. If all she is interested in is making sure the pre-marital assets go to her kid then she needs to make sure that the post-marital assets the OP gets are enough to fund at least the spouse’s elective share. If she can do that then she may be able to structure this so that all her pre-marital stuff goes to her kid and not have the suriving spouse provisions screw it up. But this is exactly the kind of thing that she ought to discuss with an estate planning lawyer rather than trying to wing on her own.

 

[LdiJ]

Her post as I read it does not suggest that she only wants her kid to get her pre-marital assets. She said “In case I die, I wish she get everything instead of would-be Husband.” Everything means, well, everything. Not just the pre-marital assets. That would be something less than everything.

Moreover, the surviving spouse provisions in the New York Estates, Powers, and Trusts (EPT) Code make no distinction between pre- and post-marital assets. If all she is interested in is making sure the pre-marital assets go to her kid then she needs to make sure that the post-marital assets the OP gets are enough to fund at least the spouse’s elective share. If she can do that then she may be able to structure this so that all her pre-marital stuff goes to her kid and not have the suriving spouse provisions screw it up. But this is exactly the kind of thing that she ought to discuss with an estate planning lawyer rather than trying to wing on her own.

I definitely agree with that.

 

[pratapkaur]

I disagree with the implication by others who have responded that you can completely cut your husband off from receiving anything simply by ensuring it passes outside of probate, like putting pay on death beneficiary designations on bank accounts. NY law allows a spouse to get at least one third of the augmented estate if you die with a will that cuts him out, and half of it if you do not have a will. That augmented estate is more than the probate estate and covers many testamentary substitutes like POD bank accounts. The surviving spouse is also entitled to a set-aside amount of $56,000. The NY legislature got wise to the game of using these devices to cut out a spouse and put in provisions to stop that. It is very difficult to completely cut out a spouse in NY. I strongly recommend you see an estate planning lawyer in NY for advice. If you go into this without doing that and try to cut him out that could result in seriously screwing up your intended estate plan.

Where can I find this (official) ruling? Wish to understand before seeing Estate Attorney.

 

[pratapkaur]

If you do that, make sure your daughter has a record of the account locations, account numbers, and copies of the POD document. Revisit the designations every few years to make sure the banks keep the documentation updated.

For accounts that have "Payable on Death", will be daughter get it immediately, or does she have to give paperwork. And does it matter whether account was created before or after marriage. Kindly clarify.

 

[HRZ]

Your new spouse if you die first shall be entitled (absent a prenup to the contrary) to the minimum set by NY law if you are NY residents ..and that includes everything in the augmented estate . I think but did not check that you could provide life insurance payable to daughter and that is not counted in augmented estate.

Putting a name on an account pod or jtwros earlier does NOT make it a completed gift outside of augmented estate

As an side while its common to want to provide for ones own children ..to do so to exclusion of ones new spouse, absent mutual prior agreement, sure invites a rocky road in new marriage down the road. . The law and moral code provide that one care for ones spouse ......Balance your priorities!

 

[TrustUser]

As an side while its common to want to provide for ones own children ..to do so to exclusion of ones new spouse, absent mutual prior agreement, sure invites a rocky road in new marriage down the road. . The law and moral code provide that one care for ones spouse ......Balance your priorities!

i wasnt planning on commenting until i saw this. the only thing that legal marriage does is give one person access to another person's wealth. this happens some in first marriages, for sure. but in second marriages ?? extremely common. now, it is also quite common that both people set up trusts, etc. to give each of their assets to their own kids.

the only thing i agree with the above quote is that this is something that should be discussed prior to the marriage. and if the other partner does not agree to it, then run as fast as you can. do not pass go. and do not marry that person !!

if one partner does not agree, 99.9% of the time it is the partner who does not have as much. it does not take a rocket scientist to figure that one out !!

as far as assets obtained after marriage, that is different. but i would also add that i doubt that there will be much, assuming that all pre-marital assets are kept separate, and not comingled, etc.