Question

Iris, 83, is in good health. Her will, drafted shortly after the death of her husband in 2012, contains a provision that bequeaths the sum of $500,000 to be divided equally among her grandchildren. Since the will was drafted, three additional grandchildren have been born. Her will also contains the following provision: "It is my desire that my son receive the family heirloom grandfather clock, if possible." Since the will was drafted, her sister, whom the will named executrix of her estate, has died.

Which of the following statements regarding Iris's will is CORRECT?

A) Her will needs to be amended to include the three new grandchildren.
B) Her will needs to be amended to take advantage of the increase in the estate tax applicable exclusion amount.
C) Her will needs to be amended to name another executor and contingent executor.
D) Her will does not need to be amended because of the precatory language.

Answer 1

Iris's will should be amended to name a new executor and contingent executor due to the death of the originally named executrix; the other concerns might not require immediate amendments.

Step-by-step explanation:

The correct statement regarding Iris's will is C) Her will needs to be amended to name another executor and contingent executor. Since the will was drafted, the individual named as executrix has died, meaning that there is no longer a person designated to manage the estate upon Iris's death. It's typically wise to update a will to reflect such significant changes. As for the other options, the original will's language about her grandchildren likely includes afterborn grandchildren unless the language explicitly states otherwise. Therefore, amendment A may not be necessary. The bequest of the family heirloom grandfather clock falls under precatory language, which is a statement of desire rather than a binding obligation, so the will would not necessarily need to change based on the precatory statement alone (D). Option B pertains to estate tax planning, which may or may not require an amendment depending on actual changes to tax laws and Iris's financial situation, but the prompt doesn't provide enough information to make this determination.