Legal Question in Wills and Trusts in Pennsylvania
If a will dated 1994 states that a person should recieve a certain amount of money and when the person who wrote the will dies and no longer has that much money left what happens.
1 Answer from Attorneys
Nothing. The gift is considered adeemed. Same thing happens when you specify that a beneficiary is to get a piece of land or an article of personal property. A will can be changed at any time before death and people can buy and sell land or cars or give away their things. If they no longer have it at the time of their death, then that is it - there is no gift and the beneficiary gets nothing.
You say it was money and there is nothing left. Is it because the estate has debts? Beneficiaries do not get to keep assets or money and not pay bills so the bills come first. If there is nothing left after the bills are paid, then that is it and the beneficiaries get nothing. Or was the money say, form a stock market account and the account has been depleted because of the bad economy and no longer exists? Is the person who made the will still alive? Can they still acquire other assets if so?
It is very hard to give much better advice as I need to see the will and need to know more about the person's assets and debts. If the person is deceased, it may be worthwhile to pay a lawyer in the county/state where the deceased person lived at the time of his or her death and have the lawyer review the will and the assets/debts of the deceased person to make sure that the gift is truly adeemed. There may be a way to salvage something but it may depend on the beneficiary's relationship to the deceased (spouse, child etc.)