Legal Question in Wills and Trusts in New York
Distribution of assets of an estate
Do the beneficiaries of an estate have the right to change the terms of a will to satisfy their own preference of distribvution of assets if all agree ?
Asked on 6/03/01, 11:56 am
2 Answers from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Distribution of assets of an estate
To some extent, yes. There has to be a real dispute over the probate of the Will to permit changes to be approved by the Surrogate.
On the other hand, once the benficiaries own the property, they can do with it as they please. Be careful about gift tax, though.
Answered on 6/27/01, 8:53 am
Re: Distribution of assets of an estate
As a practical matter, yes
Care should be taken not to cause any
transfers which would then be subject to
gift taxes
Answered on 7/09/01, 3:07 am
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