Legal Question in Wills and Trusts in New York
Beneficiary was a minor when the will was made and is now an adult
I purchased a coop in NYC and prepared a will, 12 years ago when my daughter was 17 years old. Since she was a minor, I named my sister as executrix. Now that my daughter is an adult, must I prepare a new will, naming my daughter as beneficiary, or did she become beneficiary when she gained her majority? Since my sister and I no longer speak, it would be awkward to have to contact her if she needs to provide anything of a written nature pertaining to legalities. Thank you.
3 Answers from Attorneys
Re: Beneficiary was a minor when the will was made and is now an adult
There is a difference between being an executrix and a beneficiary. Without seeing the document, I am presuming that you named your daughter to receive your estate, but, because she was a minor, you named your sister as executrix (the one who administers the estate for the beneficiaries. You may have also named someone to handle your daughter's inheritance until she became an adult, and may have specified an age at which she could receive the inheritance (most people use age 21). In any event, the situations have changed. I strongly recommend that you create an entirely new Will (not do a Codicil or amendment to the original). The new Will can provide that your daughter inherits when you pass on and that she also can qualify as the executrix. The new Will should also have a provision that your daughter need not post a bond for her services as executrix. If you need assistance in making the new Will, contact me and I can do a form for you and send it by e-mail with instructions on how it should be signed and witnessed, for a nominal fee.
Re: Beneficiary was a minor when the will was made and is now an adult
Dear sir or madam:
Based on your message, you should draft a new will naming your daughter execturix and beneficiary. If you purchased a co-op 12 years ago, the value of that co-op may have increased enough to create estate tax issues.
Contact my office at [email protected] for a free initial consultation on your will and estate plan.
Thank you.
Anthony S. Park
Re: Beneficiary was a minor when the will was made and is now an adult
Considering the change in circumstance and change in familial relationships, I would strongly recommend that you draft a new will.
Should you like to discuss this or any other legal matter, you can call my office to schedule an appointment for a consultation or in the alternative, I can be reached for on-phone low-cost legal consultation at 1-800-275-5336 x0233699.
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