If a person has a will previously executed, and subsequent to the publication and execution of said will has purchased property, the language of the will shall speak to this issue. While it is important to update a will after a change in life circumstance, another basis to update would be the purchase of a significant parcel of real estate.
Many wills set forth specific bequests of real property with a reference to the actual property by name or legal description. If that certain property is not referenced in the will, and the person dies before they can include the property by name, said real property will revert to the residuary clause. The residuary clause directs the bequests of the remainder of the estate for those properties and assets not specifically referenced in the terms of the will. This is true whether the property is purchased prior to or subsequent to the execution of the will.
Inclusion of the property in the residuary clause versus a specific bequest in the context of the will can have a significant impact on the administration of estate from a variety of different standpoints, including tax consequences and fiduciary commissions.
If you need an experienced New York wills, trusts, and estates attorney, please contact us at the Law Offices of Michael W. Alpert at (516) 280-7288 or e-mail: malpert@alpertlegal.com