NY Est Pow & Trusts L § 5-3.1 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 5 - Family Rights Part 3 - Rights of Family Unit 5-3.1 - Exemption for Benefit of Family

§ 5-3.1 Exemption for benefit of family  (a) If a person dies, leaving a surviving spouse or children under the age  of twenty-one years, the following items of property are not assets of the estate but vest in, and  shall  be  set  off  to  such  surviving spouse,  unless  disqualified,  under  5-1.2, from taking an elective or distributive share of  the  decedent's  estate.  In  case  there  is  no surviving  spouse  or  such  spouse, if surviving, is disqualified, such items of property vest in, and  shall  be  set  off  to  the  decedent's children under the age of twenty-one years:  (1)  All  housekeeping  utensils, musical instruments, sewing machine, jewelry unless disposed of  in  the  will,  clothing  of  the  decedent, household furniture and appliances, electronic and photographic devices, and  fuel  for  personal  use,  not  exceeding in aggregate value twenty thousand  dollars.  This  subparagraph  shall  not  include  items  used exclusively for business purposes.  (2) The family bible or other religious books, family pictures, books, computer  tapes,  discs  and  software,  DVDs,  CDs, audio tapes, record albums, and other electronic storage devices, including but not  limited to  videotapes, used by such family, not exceeding in value two thousand five hundred dollars.  (3) Domestic and farm animals with  their  necessary  food  for  sixty days, farm machinery, one tractor and one lawn tractor, not exceeding in aggregate value twenty thousand dollars.  (4)  The  surviving  spouse  or  decedent's children may acquire items referred to in subparagraphs (1), (2) and  (3)  of  this  paragraph,  in excess  of  the values set forth in such subparagraphs by payment to the estate of the amount by which the value of the  items  acquired  exceeds the  amounts set forth in such subparagraphs. If any item so acquired by the spouse or  children  of  the  decedent  was  a  specific  legacy  in decedent's  will,  the payment to the estate for such item shall vest in the specific legatee.  (5) One motor vehicle not  exceeding  in  value  twenty-five  thousand dollars.  In  the alternative, if the decedent shall have been the owner of one or more motor vehicles each of which exceed twenty-five  thousand dollars  in  value,  the  surviving  spouse  or  decedent's children may acquire one such motor vehicle from the estate, regardless of  the  fact that  the decedent may also have been the owner of another motor vehicle of lesser value than twenty-five thousand dollars,  by  payment  to  the estate  of  the  amount  by which the value of the motor vehicle exceeds twenty-five thousand dollars; in lieu of receiving such  motor  vehicle, the  surviving spouse or children may elect to receive in cash an amount equal to the value of the  motor  vehicle,  not  to  exceed  twenty-five thousand  dollars.  If  any  motor  vehicle so acquired by the spouse or children of the decedent was a specific legacy in decedent's  will,  the payment  to  the  estate  of  the amount by which the value of the motor vehicle exceeds twenty-five thousand dollars shall vest in the  specific legatee.  (6)  Money  including  but  not limited to cash, checking, savings and money market accounts, certificates of deposit or  equivalents  thereof, and  marketable  securities, not exceeding in value twenty-five thousand dollars, reduced by the excess value, if any, of acquired items referred to in subparagraphs (1), (2), (3) and (5) of  this  paragraph.  However, where  assets are insufficient to pay the reasonable funeral expenses of the decedent, the personal representative must first apply such money to defray any deficiency in such expenses.  (7) Any set off to a child under  the  age  of  twenty-one  years  not exceeding  ten  thousand  dollars  shall be covered by the provisions of section twenty-two hundred twenty of the surrogate's court procedure act  as if the child were a beneficiary of the  estate.  Any  excess  amounts shall be governed by the guardianship statute, if applicable.  (8)  The court shall have the authority to issue such documentation as necessary to effectuate the transfer of any items under this section.  (b) No allowance shall be made in money or other property if the items of property described in subparagraph (1), (2), (3) or (5) of  paragraph (a) are not in existence when the decedent dies.  (c)  The  items  of  property,  set  off as provided in paragraph (a), shall, at least to the extent thereof, be deemed reasonably required for the support of the  surviving  spouse  or  children  under  the  age  of twenty-one years of the decedent during the settlement of the estate.  (d)  As used in this section, the term "value" shall refer to the fair market value of each item, reduced by all outstanding security interests or other encumbrances affecting the decedent's ownership of said item.