Do I Need to Make a New Will if a Beneficiary Dies?
Full Question:
Oldest sibling is not deceased,so can we make a new webb leaving any assts and all assts divided equally among our two adult daughters?
10/24/2010 |
Category: Wills and Estates |
State: Tennessee |
#23472
Answer:
We are sorry to hear of the passing of your child. When a beneficiary dies, it is referred to as a lapsed gift. Typically, the bequest to the deceased beneficiary will be included in the residuary estate and distributed according to the terms of the residuary clause in the will. If there is no residuary clause it will be distributed according to the laws of descent and distribution. it is possible to draft a codicil to a will in order to make changes to a will. However, it is recommended as best practice to draft a new will to minimize the potential for disputes when multiple documents are involved.
