[sarahbell123456]

We reside in NY. My husband has opened a $100K life insurance policy naming his daughter by a previous marriage as sole beneficiary as well as his bank accounts which have approximately $30K in it. He does not have a will. If he should pass before me, would I be entitled to any of the money if I contest?

[joypulv]

No.

[excon]

Hello s:

The life insurance, no.. But, the money in the bank accounts is HALF yours, and it may be ALL yours when he dies.

excon

[joypulv]

excon: not if he named a beneficiary.
A lot of people don't realize that you can do that, and it's a good way to have funds released immediately rather than having bank accounts go into the estate and have to wait for probate.

[excon]

Hello again, joy:

excon: not if he named a beneficiary.

The money in the bank is not HIS to give away. New York is an equitable distribution state when relating to marital property. Half that money is HERS.

Excon

[joypulv]

NY is not a community property state. The wife is not entitled to half, or even half added to the account after marriage, when there is a Payable on Death bank account set up.
She might get certain expenses paid for, along with other creditors such as funeral homes, out of the account, if the deceased didn't set aside funds for that. She might even get half, or all, but it's not a sure thing by any stretch.
POD accounts are called by different names, even in NY state.

[ScottGem]

You refer to them as "his" accounts. If your name is not on them, he is free to do with them as he will.

[AK lawyer]

The following http://public.leginfo.state.ny.us/LA...2+&TARGET=VIEW of the New York State Estates, Powers and Trusts Code may apply:

"§ 5-1.1 Right of election by surviving spouse
...
(b) Inter vivos dispositions treated as testamentary substitutes for
the purpose of election by surviving spouse.
(1) Where a person dies after August thirty-first, nineteen hundred
sixty-six and is survived by a spouse who exercises a right of election
under paragraph (c), the following transactions effected by such
decedent at any time after the date of the marriage and after August
thirty-first, nineteen hundred sixty-six, whether benefiting the
surviving spouse or any other person, shall be treated as testamentary
substitutes and the capital value thereof, as of the decedent's death,
included in the net estate subject to the surviving spouse's elective
right:
(A) Gifts causa mortis.
(B) Money deposited, after August thirty-first, nineteen hundred
sixty-six, together with all dividends credited thereon, in a savings
account in the name of the decedent in trust for another person, with a
banking organization, savings and loan association, foreign banking
corporation or organization or bank or savings and loan association
organized under the laws of the United States, and remaining on deposit
at the date of the decedent's death.
(C) Money deposited, after August thirty-first, nineteen hundred
sixty-six, together with all dividends credited thereon, in the name of
the decedent and another person and payable on death, pursuant to the
terms of the deposit or by operation of law, to the survivor, with a
banking organization, savings and loan association, foreign banking
corporation or organization or bank or savings and loan association
organized under the laws of the United States, and remaining on deposit
at the date of the decedent's death.
(D) Any disposition of property made by the decedent after August
thirty-first, nineteen hundred sixty-six whereby property is held, at
the date of his death, by the decedent and another person as joint
tenants with a right of survivorship or as tenants by the entirety.
(E) Any disposition of property made by the decedent after August
thirty-first, nineteen hundred sixty-six, in trust or otherwise, to the
extent that the decedent at the date of his death retained, either alone
or in conjunction with another person, by the express provisions of the
disposing instrument, a power to revoke such disposition or a power to
consume, invade or dispose of the principal thereof. The provisions of
this paragraph shall not affect the right of any income beneficiary to
the income undistributed or accrued at the date of death.
..."

In other words, the wife may be able to get the funds after the husband's death.

[joypulv]

I don't get it. What about the very last sentence? Can you translate?

[JudyKayTee]

I'm in NY - I was under the impression that the beneficiary rules where life insurance is concerned and accounts which name a beneficiary or are joint go as directed - the other person or the beneficiary.

For these reasons my husband hired an estate planner.

The Attorney and estate planner were wrong?