[WSBAPT] Advancements

[Marcus Fry]

It looks like you may have two questions.  Yes you can draft language to
address previous advancements essentially stating that beneficiaries share
shall be reduced by X dollar amount for amounts previously advanced by
testator, but no event shall the beneficiary be required to pay any
advancements back in the event that the advancements exceed such
beneficiary's share (alternatively you could try to require payment
calling it a loan).  Now as to the 2nd part of your question, if your
client will continue or expects to continue making advancements, in order
to avoid litigation, you may want to specify how those advancements will
be tracked or made.  For example, if the testator may give the beneficiary
$20 here or there, but doesn't intend that to be part of the advance, then
you want to make sure that is clear.  Often with future advances, unless
the testator is a good bookkeeper or uses only checks for advances, it can
be difficult to determine what has been advanced as the beneficiary may
not be willing to provide the correct info.

 

Marcus J. Fry

Lyon, Weigand & Gustafson, P.S. 
Adoption Attorney*

P.O. Box 1689 
Yakima, Washington  98907 
Telephone:  (509) 248-7220 
Facsimile:  (509) 575-1883 

 

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Lisa Schuchman
Sent: Monday, February 03, 2014 4:27 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Advancements

 

I am working on a will with a client who has given one of her (adult)
children money that she'd like credited to his share of her estate.    Has
anyone dealt with how to make a statement of an advancement as part of
estate planning?  Should she note that in her will and keep a tally
separately?  What do you do?

 

Lisa E. Schuchman
206-325-2801
www.lisaschuchman.com <http://www.lisaschuchman.com/> 

Education is what you get when you read the fine print.  Experience is
what you get when you don't. -Pete Seeger

 

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