—
I have been asked if it is necessary to review a simple will every year or two.
In most cases, I would say no. If the named executor is still alive and in good health, if the beneficiaries are still alive and in good health, and if the will still does what you want it to do, it probably does not need to be reviewed, at least not each year.
If there have been changes in the family, such as a divorce, the birth of a new child, a marriage, a substantial increase in assets or even just a change in attitude between family members, then the document should be reviewed with your attorney.
While many clients realize that a birth or a death is something to consider, most don’t know that the effect of ignoring some family changes can be catastrophic.
As an illustration, let’s assume a young single woman with living parents. She’s accumulated some wealth and makes a will leaving her wealth to her parents, or the survivor of them. Years later, the young woman marries. She means to change her will, but doesn’t get around to it.
The law will revoke her will for her – not a complete revocation, just enough to give her husband the share he would have received if she had no will.
The excess will go to the parents.
Now, let’s suppose further that the woman has a child after her marriage. Now the law says her assets will be distributed to her husband and her child, despite the fact that neither of them is named in her will.
I once had such a case.
The lady’s mother was alive, but her father was dead. When the young lady died, she was married with children. Her only will, made before marriage, left everything to her parents. I had to explain to the surviving mother that she would take nothing under the will, but that everything would go to her daughter’s husband and children.
The important aspect is, of course, the order of events. The will comes first, then the marriage, then the birth. If the woman had written a will after marriage leaving everything to her mother, then the husband would have to elect against the will to get his share.
The above rules are mandated by the Legislature, but the intent is clear. Lawmakers have assumed that if the decedent had taken the time to redo the will, that provisions would have been made first for the husband, and later for the child.
When in doubt, call your attorney.
Thomas Young, a graduate of Pitt and Harvard Law School, has been a lawyer in Johnstown since 1958. He is a former professor of business law at Pitt-Johnstown. Readers may send questions to Young in care of The Tribune-Democrat. The opinions expressed in this column are general in nature and may not apply to your situation. Consult your attorney for advice on specific legal matters.
Business
Related Photos
-
Thomas Young Tribune-Democrat File Photo
Discussion
THOMAS YOUNG | If family changes, review your will
- Business
-
-
THOMAS YOUNG | Death tax explained
Recently, Thomas Seitz, of Wessel & Co., brought us up to date on the present estate tax rules. I will discuss the Pennsylvania death tax, called an Inheritance Tax, and describe some of the differences between the two.
-
BUSINESS PEOPLE | Puchko associates attend seminar
Puchko associates attend seminar
Doug Puchko and Kayla M. Puchko recently attended the Disability Income Insurance seminar conducted by Ohio National Financial Services. -
REAL ESTATE TRANSACTIONS 5-19-13
The following are real estate transactions for $10,000 or more:
Cambria County
James L. Volocko from Carol A. Sabo, property in Lower Yoder Township, $14,000. -
PATTI HUDSON | Practical suggestions, financial advice for singles
Financial advice for married couples abounds, but you may be hard-pressed to find comparable information if you are single. Keeping your status in mind, here are five practical suggestions.
-
THOMAS YOUNG | Statutes keep trains on track
I never cease being amazed at the amount of legislation the lawmakers in Harrisburg can manufacture.
-
Business people: Design manager receives award
Lisa Kirschman, daughter of James and Kathy Kirshman of Salix, has received the VMSD’s Designer Dozen Award.
The award is given to 12 of the brightest designers in the country under the age of 35 by Virtual Merchandising and Store Design magazine. -
Five steps to ward off business fraud
Business fraud is everywhere. It can range from employees pilfering small items from the office to embezzling hundreds of thousands of dollars. And crimes may be committed by anyone from the lowest-paid clerk to a longtime officer. All too often, business owners are oblivious to wrongdoings, or they simply refuse to acknowledge the possibilities – until it’s too late.
-
DAVE MASTOVICH | Tell your story with memorable anecdotes
-
MICHAEL MacDOWELL | GM makes it big second time around
In April 2010, General Motors Chairman Ed Whitacre announced that GM would pay back $8.1 billion in government loans. It was greeted by cheers from employees and no doubt from U.S. treasury officers as well. Of course, much of the $52 billion loaned to General Motors by the federal government – and the $1.4 billion loaned to General Motors by the Canadian government – has been converted to stock, which you and I as taxpayers own. This may be a good investment, for it appears that General Motors has learned its lesson.
- Real estate transactions 05/12/2013
- More Business Headlines
-
Looking for Love? Take the Prague Metro
Crews Race to Find Survivors of Okla. Twister
First Person: Baby Falcons on a New York Bridge
Oklahoma: Images of Devastation, Reunion
Reunited Dad, Son: 'We Just Praise God'
Slow Pokes: Acupuncture Helps Sick Turtles
Moore, Okla. City of Reunions, Tears After Storm
Former IRS Chief: Can't Say How List Happened
Gov. Fallin: Okla. Facing Horrific Disaster
Tim Cook Defends Apple's Tax Accounting
AP Photograher: 'It Was a Miracle' They Got Out
Raw: Crews Search for Survivors of Okla. Tornado
Raw: Tearful Reunion After Okla. Tornado
OKC Hospital Describes Treating Tornado Wounded
Obama Pledges Urgent Aid for Tornado Victims
Raw: Massive Funnel Clouds in Oklahoma
