A 8306: Increases the value of a motor vehicle exempt from the provisions of a will or intestate distribution for the benefit of the family of a decedent.

  
  STATE OF NEW YORK ________________________________________________________________________ 8306 2025-2026 Regular Sessions  IN ASSEMBLY May 12, 2025 ___________ Introduced by M. of A. P. CARROLL -- (at request of the Department of Motor Vehicles) -- read once and referred to the Committee on Judici- ary 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 intestate distribution for the benefit of the family of a decedent The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph 5 of paragraph (a) of section 5-3.1 of the 2 estates, powers and trusts law, as amended by chapter 437 of the laws of 3 2010, is amended to read as follows: 4 (5) One motor vehicle not exceeding in value [twenty-five] fifty thou- 5 sand dollars. In the alternative, if the decedent shall have been the 6 owner of one or more motor vehicles each of which exceed [twenty-five] 7 fifty thousand dollars in value, the surviving spouse or decedent's 8 children may acquire one such motor vehicle from the estate, regardless 9 of the fact that the decedent may also have been the owner of another 10 motor vehicle of lesser value than [twenty-five] fifty thousand dollars, 11 by payment to the estate of the amount by which the value of the motor 12 vehicle exceeds [twenty-five] fifty thousand dollars; in lieu of receiv- 13 ing such motor vehicle, the surviving spouse or children may elect to 14 receive in cash an amount equal to the value of the motor vehicle, not 15 to exceed [twenty-five] fifty thousand dollars. If any motor vehicle so 16 acquired by the spouse or children of the decedent was a specific legacy 17 in decedent's will, the payment to the estate of the amount by which the 18 value of the motor vehicle exceeds [twenty-five] fifty thousand dollars 19 shall vest in the specific legatee. 20 § 2. This act shall take effect on the first of January next succeed- 21 ing the date on which it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09978-01-5