When it comes to estate planning, experts say one small oversight could have major consequences for your family. On We Are Austin, local attorney John Levy explained a legal concept called ademption — something that can happen when assets named in a will or trust are no longer owned at the time of death.
“The word ademption should strike fear into the heart,” Levy said. “It could strip away a person’s entire inheritance.”
Levy shared examples of how selling a home, vehicle, or stock that was specifically left to someone in a will could cause that gift to fail entirely, meaning the intended beneficiary may receive nothing.
“To avoid ademption, it’s important to regularly review and update your will,” Levy explained.
The conversation also covered:
How ademption worksWhat types of assets are affectedWays families can avoid confusionWhy reviewing estate documents after major life changes is so important
Levy also shared practical tips for seniors and families navigating wills and trusts.
Watch the full interview above for more details and examples, and head www.johnlevylaw.com to start the process today!
Local Attorney John Levy shares why updating your Will matters more than you think