BILL NUMBER: S8367
SPONSOR: HOYLMAN-SIGAL
 
TITLE OF BILL:
An act to amend the estates, powers and trusts law, in relation to the
value of a motor vehicle exempt from the provisions of a will or intes-
tate distribution for the benefit of the family of a decedent
 
PURPOSE OF THE BILL:
This purpose of this bill is to increase the value of the motor vehicle
exempt from the provisions of a will or intestate distribution and to be
automatically set off to the decedent's surviving spouse to provide
support for the surviving spouse during the period of estate adminis-
tration. In the event there is no surviving spouse, the exempt property
is set off to the decedent children who are under 21.
 
SUMMARY OF PROVISIONS:
Section 1 of the bill would amend EPTL § 5-3.1(a)(5) to make the value
of the motor vehicle exempt from the provisions of the will or intestate
distribution for the benefit of the family of a decedent to $50,000.00.
 
JUSTIFICATION:
This proposal is necessary in light of changes in our society since the
last amendment to the value of the motor vehicle exempt from the
provisions of the will or the intestate distribution under the EPTL done
over 14 years ago. Inflation has caused the value of automobiles to rise
thus reducing the value of an automobile that the surviving spouse or
family may receive.
 
PRIOR LEGISLATIVE HISTORY:
No prior legislative history.
 
FISCAL IMPLICATIONS:
The increased dollar amount for an automobile which could be set off to
a spouse and children may result in decreased in filings of administra-
tive petitions and commensurate reduction in the time of court personnel
to review such filings. The loss of filing fees which might have been
received will be offset by the savings of time for court personnel.
 
EFFECTIVE DATE:
The bill would be effective the first day of January next succeeding the
date on which it shall become law.

Statutes affected:
S8367: 5-3.1 estates powers and trusts law