What do I do if my grandfather is incompetent and his Will is out of date?

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What do I do if my grandfather is incompetent and his Will is out of date?

I have medical/legal power of attorney for my grandfather because he has been ill. In fact he recently was admitted into a nursing facility and I am attempting to obtain guardianship; he is incompetent to make decisions. I discovered his Will, which names me as executor, but leaves specific dollar amounts to his other relatives and charities. The problem is that this Will was written 5 years ago and since that time, he has drained much of his assets. The life insurance policy will not cover all he has bequeathed to others. Is the Will still valid and how do I go about ensuring proper distribution?

Asked on May 27, 2011 under Estate Planning, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am so sorry for your situation.  When the time comes and your Grandfather passes you should consult with someone to help you with the estate.  The general rule is that if assets named in a Will are no longer assets of the decedent at the time of death then the person that was to inherit the asset is out of luck.  One would need to look at the Will to see what would happen in this instance.  He obviously assumed that he had a gross estate of a certain amount of money to give specific amounts.  What will happen now, though, depends on a lot, and specifically the payment of the nursing facility.  As for the life insurance, if it names someone specifically that money passes directly to the beneficiary.  If it names the estate then it goes in to the pot.  Good luck.   


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