Kyle Lynch
Talk to experienced lawyers.
Sometimes, assets or property bequeathed in a will are nowhere to be found. In those instances where your loved one’s will was composed years or even decades before their passing, the assets might simply have been sold. While many would simply accept that the asset in question is no longer in the family, there are those who would insist that the will’s executor give them something of equal value in the asset’s stead.
Without the assistance of an attorney, and fearing the legal repercussions of denying such a request, many executors would acquiesce the heir’s demand. However, an attorney who is practiced in the laws of estate planning would know that the executor need not provide such ‘replacement assets’ when the item in the will is no longer available.
Many times, a loved one will leave his or her property to more than one person, equally dividing ownership amongst them. Unfortunately, heirs often disagree as to how to proceed with their inheritance. With real estate, for instance, one heir may wish to keep the property while the other(s) want to sell it off.
Most often, one heir will cave to the other’s insistence, which can lead to resentment or dissension down the road. However, a probate attorney can generally devise a strategy where those heirs who would prefer to sell the property are compensated for their ownership stakes, and those who wish to keep the property can do so without the threat of ensuing conflict.
Although it is slightly less common, there are times when heirs refuse the possessions bequeathed them in a will. Sometimes this stems from unresolved conflict between the heir and the deceased, and other times it is simply for tax purposes. This can be a confusing situation as the executor might assume that he is free to do as he pleases with this seemingly ‘unclaimed’ asset.
