When A Contract and a Will Conflict

By Jill Roamer, JD, CIPP/US on May 19, 2021 1:04:00 PM

When-A-Contract-and-a-Will-Conflict

A Last Will and Testament devises one’s property after their passing. Great weight is given to this document; Wills have formalities that other documents don’t, hinting to its importance. But what happens when a devise in a Will contradicts a formerly executed contract?

This issue was litigated recently in Ohio. In this case, Twila entered into a partnership agreement in 1986 with her husband and another couple. The partnership agreement contained a provision that stated: “To protect and preserve the family character of this Partnership, each of the undersigned partners agree to have prepared and to execute a last will and testament so as to ensure that his or her interest in this Partnership will, upon his or her death, pass to and vest in his or her surviving spouse. Each partner, who shall ultimately become a surviving spouse, further agrees to have prepared and execute a last will and testament so as to vest his or her interest in this Partnership in his or her children (lineal descendants). Should any partner neglect or fail to execute such last will and testament, so as to ultimately cause his or her partnership interest to pass to and vest in an individual, who is not a spouse or lineal descendant of these partners, then upon such event, the Partnership shall be liquidated and dissolved forthwith.”

Continue Reading

One Size Does Not Fit All in Estate Planning

By WealthCounsel Staff on May 7, 2021 10:00:00 AM

onesize

One-size-fits-all estate plans are impracticable due to the differences and varying complexities in each person’s estate. It is imperative to tailor an estate plan to meet each client’s needs and goals, so the drafting attorney must understand the character of the assets in the client’s estate and the planning options best suited for each client. Because high net worth clients are often very protective of their assets, planning objectives and recommendations for clients with large estates will almost always differ and be more complex than those for other clients.

Continue Reading

2021 Document Management Buyers Guide For Attorneys

By WealthCounsel Staff on Apr 30, 2021 10:00:00 AM

Above-the-Law

We are excited and honored to announce our participation in the 2021 Document Management Buyers Guide! The e-book, released by Legal Tech Publishing, spotlights innovative legal technology products for attorneys.

Continue Reading
  • There are no suggestions because the search field is empty.