MUTUAL RELEASE AND DISCHARGE OF CLAIMS IN ESTATES in New York State
A. Each party hereby waives, releases and relinquishes any and all rights he or she may now have or may hereafter acquire under the laws of the State of New York or any other jurisdiction: (1) To share, as a result of the marital relationship, in the other party's estate upon the latter's death; or (2) To act as executor or administrator of the other party's estate or to participate in the administration thereof. B. This waiver shall and does constitute a mutual waiver by the parties of their respective rights of election to take against each other's Last Will and Testament, now or hereafter in force, under Section 5-1.1(a) of the Estates Powers and Trusts Law of the State of New York or any law mandatory thereof, or supplemental thereto, or the same or similar law of any jurisdiction. This waiver also includes a relinquishment of any right of set off as provided for in Section 5-3.1 of the Estates Powers and Trusts Law and of any and all distributive shares as provided for in Section 4-1.1 of the Estates Powers and Trusts Law. C. It is the intention of the parties that their respective estates shall be administered and distributed in all aspects as though no marriage had been solemnized between them. However, nothing herein contained is intended to or shall constitute a waiver, by either party, of any voluntary testamentary provision which may be made in his or her favor by the other. D. The consideration for each party's waiver and release of his or her rights as spouse in the other party's estate shall be the reciprocal release by the other party.