I had a Will drawn up by a local attorney who specializes in such. Left everything to my two sons with a bunch of caveats about others. Since my eldest has died I figured this would still be valid but everything would go to my remaining son.

Am I wrong? Do I need to revise / update the Will?

"everything would go to my remaining son".

Depends on:

1) How the will is worded.
2) Your state law.

Not an attorney but have been through this a few times with different family members in different states. I don't think I'm wrong in saying, a phone call to your attorney is in order.

I too am not an attorney, and it depends on how the will is worded. It should say how things are divided if those in the will are alive and what shall be done if one outlives the other and then what happens if neither are alive upon your passing. Also hopefully there is a chain of people to be an executor of the will. Make sure they know where the original copy of the will is located. I personally have also made a list of passwords, safe combinations, etc in a sealed envelope in a safety deposit box to make things easier for people.

Also the best thing is to name someone you want things such as money in a bank account to go to as a beneficiary of that account. That way the money goes straight to them without things having to be contested in probate. For property, Texas has what is called a Transfer of Deed on Death, in which documents are filed with the county clerk and the property will automatically transfer to the named person. It makes things so much easier on those people who survive you. My aunt passed away two years ago from COVID and told me I would be the executor of her will, but never told me where it was. The will was never found and we have suspicions her boyfriend got rid of it. He thought the state had a common law marriage law and was wrong. Everything has been dragging out in probate for two years now with more to go as she had several properties in several states.

I included all the above save if one of my sons died. Guess I need to call that attorney.

Least expensive thing would be to re-do the will. That would involve the least attorney time down the pike.

The wills that I've done and they're from different attorneys and two states have the right of "succession." I forget the legal phrasing.

I start out with 100% and it goes to my wife. If she dies ahead of me or with me or within 30 days of my death, then my 100% gets split to 4 parties (for example): A, B, C, and D.

If A dies before me, I can have her portion divided up equally among my remaining heirs.

If B dies before me, I can have her portion go to B's heirs equally.

If C dies before me, I can have her poriton go to C's heirs but if her heirs are dead, then it goes back to be divided equally among my remaining heirs.

I actually have a combination of all those scenarios in my will right now.

I don't know about your state and whether it applies everywhere is that it's a good idea to have the orginal will in the hands of your executor. Otherwise, it's going to be a hassle to go through your belongings and especially if it's in your bank safe deposit.

Wills require revision from time to time. As bendable would say "Call the man." BTW my Aunt died two years ago intestate in France where she was a citizen. Just now finishing it up since there were 16 heirs and the attorneys did not speak English.

quote:

Originally posted by bald1:
I had a Will drawn up by a local attorney who specializes in such. Left everything to my two sons with a bunch of caveats about others. Since my eldest has died I figured this would still be valid but everything would go to my remaining son.

Am I wrong? Do I need to revise / update the Will?

You may or may not need to revise it, I would call your local attorney and have a consultation and go over it with your questions and it's a good time to see if it does need any revisions in regards such as in case there were any recent law changes that might affect it....

I'd say re-write the will. It's cheap insurance. Like the man said, it will likely save lawyer fees on the other end. Not that it would matter to you. One silly question-if all the passwords, etc are in a safety deposit box, how will your heirs get into the box? Isn't that kind of like securing your safe combo in the safe?

Your lawyer who wrote it may provide a free consult to let you know what the current situation is and if you should revise it. Our lawyer does a free annual look-see.

Bank safe deposit boxes are a terrible idea. They are sealed when the owner dies, and can only be accessed via court order, and then only for the purpose of locating the will. In theory the local police will escort you and watch that you only remove a will. Nothing else can legally be removed from the safe box.

Same for a residence. I went through this with my father's apartment when he passed. I could not get in without a court order, which specified I could only remove the will if I found it. It is entirely possible an unmonitored residence could be accessed, such as a home which you have the key to, without the authorities knowing about it, though that is probably not legal.

The law wants to prevent people raiding the deceased's property.

I periodically update my kids with all my login information, and they know how to access the most current information in my own records.

I had a son pass several years ago. We chose to amend the will even though we had instructions that if this occurred, nothing needed be done as the will was percentages of the total estate which was going to pass to the surviving spouse and not be distributed until the surviving spouse passed. As I recall, it was free as part of the original will cost.

your lawyer will answer the questiong free of charge. You are likely wanting to see the words "per-stirpes" like this
I leave all my belongings to steve and ray, per-stirpes.

if it says "per-capita" that has a different meaning all together.

quote:

Originally posted by bald1:
Guess I need to call that attorney.

As a lawyer with some background in estate planning, I can resolutely say that you should do so.


And I am sorry to hear of your son's passing.

quote:

Originally posted by bald1:
I had a Will drawn up by a local attorney who specializes in such. Left everything to my two sons with a bunch of caveats about others. Since my eldest has died I figured this would still be valid but everything would go to my remaining son.

Am I wrong? Do I need to revise / update the Will?

Call the lawyer and ask him. It varies, state by state. Sometimes wills have provisions that deal with the deaths of those who may inherit. You also need to know what the law would do if you don't have those provisions.

I don't even know how this works in Texas, because that is not my practice. So, ask your lawyer. He'll answer those questions in one minute.

I've reached out and am awaiting a response from the lawyer who prepared my existing Will.

My attorney provided some helpful details. Bottom line is that I'm good to go.

quote:

Originally posted by Fredward:
One silly question-if all the passwords, etc are in a safety deposit box, how will your heirs get into the box? Isn't that kind of like securing your safe combo in the safe?

The executors in my will know where my safety deposit box is and where the key is. They are also listed on the approved list to access the box. One executor is a federal judge and the other is an attorney, both family, so I am sure they can navigate any legalities if need be. I am going to make another copy of the password list, since many have had to be updated, and keep a copy in my house, my mom’s house, and a copy to the executors.