When drawing up an estate plan, a testator has several options available to him to more accurately create a will that reflects his wishes. Although many people may think that specificity is the goal of every estate plan, some testators may also try to be intentionally vague with some of their words. Known as facts of independent importance, certain terms in a will or trust can naturally change.
A fact of independent meaning works on the basis that some language can be intentionally undefined. An example of facts of independent importance is when a testator leaves assets for a largely unspecified group of beneficiaries. For example, if a wealthy benefactor creates a will that provides a special portion of an inheritance to the workers in his household, that property will pass to the workers at the time of the will’s execution. Anyone hired since the creation of the will may be allowed to receive this property, while anyone fired will have it discounted.
In other situations, a gift may change while the recipient remains the same. To understand the concept, this would mean that if a person owned a car at the time the will was written and bought another car in the meantime, the new car would be awarded to the beneficiary. However, specifically titled property cannot be used in cases of a fact of independent importance. Therefore, this specific example cannot legally occur, as a car is considered titled property.
Facts of independent importance are important tools for benefactors. The law surrounding wills and trusts, known as probate law, provides several opportunities for testators to develop a very specific will. Although they work mainly by lack of specificity, facts of independent importance are used extensively to meet the needs of the testator. For more information, contact an estate planning attorney.