Class Gifts In Florida Probate

When a person is drawing up their will, they may decide to give what is known as a class gift. A class gift is a bequest of assets or funds to a specific group of people in a person’s will. However, it is not uncommon for disputes to arise about the nature of the group, particularly during the probate process. An attorney can help ensure that your estate plan is sufficiently clear enough to telegraph your intentions.
Can Save Time & Trouble
A person’s will is an expression of their wishes, both for their belongings and for their beneficiaries. Most of the time, a gift in a will is intended for one person, and will be worded in a manner that makes the gift impossible to misconstrue. However, there are times when a person may wish to reward a group by virtue of a certain characteristic, and in general, a class gift is the simplest way to do this.
The difference between a class gift and a simple group bequest is that a ‘class’ can expand or contract over time. For example, if a person wants to will $100 to each of their grandchildren who graduate college, that group is likely to steadily add members over time – and by simply defining the class instead of naming each individual, it is not necessary to constantly alter the will.
Potential Drawbacks
While a class gift can be the right option for many, it is important to keep in mind that they can create problems, particularly during the probate process, because often, there is no reliable date or time to close a class. For example, if a testator wills a certain amount of money to all of their grandchildren, it is a somewhat common occurrence for a grandchild to be born after the testator’s passing. Depending on the language of the gift, that grandchild may or may not be eligible to share in the gift, and a definitive answer may take time to determine.
In addition, a poorly drafted class gift can be a problem if no class members qualify to receive it. For example, if a person leaves an asset to the first of their seven grandchildren to get married, and none of the seven choose to marry anyone, that asset would otherwise be left in the probate estate. This will extend the processing time until the asset is disbursed or reverts to the state.
Contact A Hollywood, FL Probate Attorney
Estate planning can be an overwhelming endeavor for many, especially if they have a large family or many bequests to make in general. If you have questions about class gifts in Florida, a Hollywood, FL probate attorney from the Law Offices of Steven A. Mason, P.A. can help ensure they are answered. Contact our office today to speak with an attorney.
Source:
leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.603.html