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  1. #11
    Join Date
    Oct 2006
    Posts
    16,203

    Default Re: Is a Lawyer Responsible to Verify Assets When Writing a Will

    Quote Quoting partlycloudy
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    Thank you all. Many of the CD's are renewals of those in place 20 years ago; the brokerage accounts are almost as old. The annuities date as far back as 1952, with long deceased parents names as beneficiaries. The will was outlined a year and a half ago, and signed the end of last year. There are no debts or liens, save for the final expenses and the estate attorney fees.

    Shoot me if you think I deserve it for thinking maybe an attorney should hesitate to draft a will leaving a billion dollars to a kid without a bit of follow up as to assets, lol.

    I am also "C" in this equation. Thank you to jk. I do not want to sell or finance the Real Estate, but believed I may have had to because even with the investments POD in my name, there is not enough to buy out the $ amount to A and B. B is also a POD beneficiary of many investments, but, as noted, they are not to be probated.
    You have already been told that you will not have to sell the hard assets that were left to you unless you need cash to pay the estate's creditors (not the other heirs). You will get those whether there is enough money to fund what was to go to A and B. Certainly if you want to use the POD investments in your name to help fund what is due to A and B you can do so. However, I would be more inclined to gift some money to A, since A appears to be the one most hurt by the situation. I wouldn't gift anything to B unless the POD investments to B were significantly less that what he was to receive under the will.

  2. #12
    Join Date
    Oct 2016
    Posts
    11

    Default Re: Is a Lawyer Responsible to Verify Assets When Writing a Will

    <i>Long deceased parents named as beneficiaries? Were there contingent beneficiaries? If not, you need to read the documents involved with the annuities. The benefits may have reverted to the estate if there is no living beneficiary or contingent beneficiaries.</i><p>Mercifully, yes they will revert to the estate. All the papers were in the safe deposit box.

    Under no circumstances will A be shorted the $ bequeathed.

    My main concern was seriously short-changing the charities, as I believe the gentleman who passed away wanted them to receive more than what will remain.

    Quote Quoting Taxing Matters
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    Depends on what the attorney was hired by the client to do. If the attorney was hired simply to draft a will to the clients specifications then the answer is no, the attorney would not ask that since it doesn’t matter for doing what the client has retained the lawyer to do. If the job the lawyer was hired to do was instead to design an entire estate plan for the client then the lawyer would certainly ask for information about all of the client’s finances in order to determine what plan might best suit the client......
    There was a bill paid for consultation and drafting the will. I can't remember the exact amount (the papers are still at the house) but it was at least $350. The will was 2 pages, simple, straightforward, and - to me - compelling.

  3. #13
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Is a Lawyer Responsible to Verify Assets When Writing a Will

    Quote Quoting partlycloudy
    View Post

    My main concern was seriously short-changing the charities, as I believe the gentleman who passed away wanted them to receive more than what will remain.
    Then i guess he should have worked
    more so he had more to give them.

    Just kidding. From what you have written it would appear he was more
    concerned with A B and C recieving some
    specific amount or gift with charity recieving what was left. If he wanted his charities to receive a specific amount he should have writtten his will differently.

    Of course any legatee can refuse part or all of what was gifted to them in the will. That would then revert to the estate and if all other specific gifts were paid out, the charities would recieve the additional money.

  4. #14
    Join Date
    Oct 2016
    Posts
    11

    Default Re: Is a Lawyer Responsible to Verify Assets When Writing a Will

    My recollection was correct. The gentleman's bill for drafting the will was $350, for two consultations and the drafting. The Hours and Rates columns were blank, with just a round $350 charge. No one was considering it a matter of malpractice, for the record, just a question of regular common sense.

    Thanks again to everyone and to "bump" this thread for background for the next question I posted.

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