Reforming a Will for Tax Savings

When changes in the law occur, it’s important to revisit your clients’ estates plan to make sure that those changes don’t adversely impact formula provisions in their wills. While a court may permit a will to be reformed to correct such adverse consequences, the wiser course is to avoid the necessity for court intervention.

Reformation as a general rule is only sparingly allowed. However, the courts have been more liberal in their regard for petitions seeking reformation when that relief is needed to avert tax problems caused by a defective attempt to draft a will provision in accordance with the then tax law, or instead caused by a change in law, subsequent to execution of the will, that renders a tax-driven will provision counterproductive.

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Carole M. Bass - WealthManagement.com