Some people leave their estate to their heirs in equal portions. Others, however, make certain specific bequests. But there can be problems with specific bequests. This video describes the problems, and potential remedies, caused by various types of specific bequests. Potential problems include: (1) A bequest of a specific address when the testator subsequently sells the property;
(2) A bequest of an asset subject to a loan or mortgage;
(3) A bequest of a home with or without a bequest of contents;
(4) A bequest of a specific vehicle that is subsequently disposed of;
(5) A bequest of a small percentage of an estate when the estate has hard to value assets;
(6) A bequest of cash that is so large that the residuary heirs get nothing;
(7) A bequest of property to a minor;
(8) A bequest of an account at a financial account, and the financial entity doesn't exist at death;
(9) A bequest of shares of stock in a corporation that gets merged, dissolves, or the stock splits;
(10) A bequest to a sibling or parent that is received when the sibling or parent is on Medicaid;
(11) A bequest to someone who predeceases the testator;
(12) A charitable bequest that doesn't adequately specify the charity, or doesn't restrict the bequest;
(13) Bequeathing an asset that you don't fully own.
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Paul Rabalais
Louisiana Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
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