2023 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.