Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

What is abatement?

When a will is read, the hope is that the estate matches what is listed in the will and that the executor can therefore carry everything out as specified in that will. The unfortunate reality, though, is that this does not always happen. In some cases, the will gives out more assets than the estate actually has.

For instance, maybe the will has two main beneficiaries. The first gets $250,000 and the second gets $100,000. However, the estate only has $300,000, leaving it $50,000 short. Abatement is the process of reducing some of the amounts left to the beneficiaries in order to make distribution possible.

Why does this happen? A few potential reasons include:

  • The amount of assets that the person controlled decreased after they wrote the will and before they passed away.
  • The person who wrote the will overestimated their wealth to begin with.
  • Much of the assets were lost to various expenses, such as taxes, so there were not enough left for the gifts.
  • The person doing the estate planning should have updated that plan more frequently than they did.

Perhaps the person wrote a will and then moved into a nursing home. It cost them $50,000 for one year of care, as their health failed, and then they passed away. They never updated the will and so it did not account for the reduction in assets.

Cases like this sometimes grow contentious as the court decides how much each person gets and whose bequests get reduced first. Make sure you know all of the rights that you have.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions