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History
- Vetoed memo.6
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.237
- Substituted for A2873
- Referred to judiciary
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.54
Show 2 earlier actions
- Referred to judiciary
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires prior disclosure of income, assets, financial obligations of decedent to enforce surviving spouse's waiver of right of election; waives dead man's statute
Assembly Floor Calendar · Sponsor Helene Weinstein
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the estates, powers and trusts law, in relation to the waiver of a right of election by a surviving spouse
Purpose of bill
The bill would require that a spouse be given a fair and reasonable disclosure of the financial situation of the other spouse before waiving a right of election against the other spouse's estate.
Summary of provisions of bill
The bill requires that the waiver of a right of election may not be enforced against a surviving spouse who proves that the decedent did not provide such spouse with a "fair and reasonable disclosure of the income, assets, and financial obligations" of the decedent. This requirement would not apply, however, if the surviving spouse had specifically waived such disclosure or if such spouse had independent knowledge of the decedent's financial situation. The bill also provides that in determining whether the surviving spouse had been provided with, or waived, financial disclosure, or had independent knowledge of the decedent's financial situation, the court is not bound by the limitations of the dead person's statute. Subparagraph 2 of paragraph (b) of section 5-1.1-A of the EPTL is amended so its language that overrides the dead person's statute is consistent with the new language and clear as to its intent. Finally, under the bill the surviving spouse will continue to have available any common law defense such as fraud, involuntariness and unconscionability.
Justification
In 1992 the Legislature enacted EPTL 5-1.1-A to improve and render more equitable the right of a surviving spouse to exercise a right of election against the estate of a decedent spouse. This enactment gave added significance to spousal agreements, whether made before or after marriage, especially those containing a waiver of the new 5-1.1-A elective right. Under current law a waiver will not be effective if unconscionable, involuntary, or the product of fraud or overreaching by the decedent spouse. Current law does not, however, require financial disclosure as a condition to the enforceability of such a waiver. In changing the law to require such disclosure, this bill would render the law of New York consistent with the common law requirements of fundamental fairness prevailing in other states and with the three uniform acts on the subject (the Uniform Probate Code, the Uniform Premarital Agreement Act, and the Uniform Marital Property Act.) At the same time, the bill would preserve to the surviving spouse the right to assert existing common law defenses such as fraud, involuntariness, and unconscionability.
Legislative history
New Bill.
Fiscal implications for state and local governments
None.
Effective date
This act shall take effect on the 1st of September next succeeding the date on which it shall have become a law and shall apply to waivers executed on or after its effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.