When the Will is Out-of-Date
If properly constructed by an estate attorney, the will has certain phrases to keep its general intent evergreen. For example, the will could use percentages instead of dollar amounts to ensure the entire estate is accounted for in the will. Instead of naming specific people, the will could use terms like “grandchildren” to ensure no one is unintentionally neglected.
If the will is more than ten years old, unaccounted dollar amounts could mean that the will is forced to go through probate court. For investors, high interest returns are fantastic. But unless those gains are accounted for through a well-worded will or updated estate plan, a measurable percent of the investment gains could end up going to pay for probate fees.
If you are a beneficiary named in an out-of-date will, hire an estate attorney to help you minimize the financial losses. The legal system will often take the “spirit” of a legal document into account; however you will need a good lawyer to help you argue this point.
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