I'm just beginning to think about my estate plan and haven't talked to an attorney yet. But I was wondering about one issue in particular. I would like to leave some specific property to certain people but some of these people are older than I am. So is it possible to specify what will happen to the property, say a piece of jewelry, if the person dies before me?
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The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com
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The answers and information provided on this site are for informational purposes only and are NOT substitutes for professional legal advice. Before making legal decisions, you should discuss your specific circumstances with an attorney.
Will and failed gift
Absolutely. That is one of the benefits of doing a Will: you get decide who gets your property. If a named beneficiary does not survive you, the Will should address who will take. You can get very involved, or you can keep it very simple - although you should keep in mind that the more involved your wishes are, the more drafting time required (if you elect to use an attorney).
One mistake that I find clients make on a regular basis is to assume that life is static. Families change, assets increase or decrease in value, your goals and objective may evolve - so as you draft your estate planning documents you need to consider both your current situation, and how that situation is likely to change in the future. And do not stop at just a Will. You should absolutely have a Durable Power of Attorney and a Health Care Proxy. A trust may also be of some benefit, depending on your situation and your goals and objectives. Hope that helps.
Attorney Peter Bernardin