Summary:

In this episode, we delve into the complexities surrounding missing assets in estate planning. Testators often draft their wills years before passing, stipulating specific items for particular beneficiaries. However, circumstances change, and assets may no longer be owned as intended. We explore what happens when items mentioned in a will are missing, the executor's duties, and how to navigate these situations effectively.

Key points:

• Testators may specify in their wills that certain items go to specific individuals, but circumstances can change before their passing.
• Assets may no longer be owned by the testator at the time of their death, leading to complications in executing the will.
• Proper planning and regular review of estate planning documents can help avoid issues related to missing assets.
• Executors must take reasonable steps to locate and secure assets, even if it requires effort and expenses.
• Failure to adequately address missing assets could result in legal liabilities for the executor.
• Legal advice may be necessary to navigate complex situations involving missing assets and ensure compliance with the testator's intentions.
• Executors should prioritize accountability to beneficiaries and take proactive measures to protect and preserve assets.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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