We have all seen the movies where there is the “reading of the will” scene of the despicable but wealthy relative. Relatives and servants gather in the deceased’s well-appointed library to learn who gets what. The deceased’s attorney reads the will, often full of unpleasant surprises—fortunes left to a loyal servant and nothing to the blood relatives. Or millions left to an obscure charity—bequests tied to unreasonable requirements. Even Taylor Swift has a song about not leaving any money to her murderous daughter-in-law. It’s all fiction and entertainment, of course, and not real. Or is it? While you may not have evil plans to cut your loved ones out of your will, there are surprises, both good and bad, that might result if your will is not drafted with the guidance of an experienced estate planning attorney.
Let’s start with some “bad surprises” that you probably do not want your loved ones to experience after you’re gone.
- You didn’t provide all the information about your financial affairs. Your loved ones don’t know where the money is! Maybe they are unaware of savings accounts or investments. Yes, these will probably come to light later, but why make it difficult for them? Some investments require you to appoint a beneficiary, but other assets do not. Make sure you provide all the information they will need.
- You didn’t provide any direction or funds for your beloved pets. Your loved ones are left trying to do “the right thing. “This is often a difficult situation when the pet is older and the cost of care is increasing. Without funds for that pet’s care, the decision may be to put the animal down. Don’t put the burden on your loved ones – your pet doesn’t deserve that either.
- Having an outdated will can sometimes almost be worse than no will at all. There are cases where a will is drawn up when the deceased has only one child, for example, and the will leaves everything to just that one child. If the will is not updated to include subsequent children (or a provision contained for future children), that can be a very nasty surprise for those children who come later.
- Not having a will may be the worst surprise for your heirs. This is called dying intestate and puts the stress and possible cost on your loved ones to go through the court system. Sometimes, this results in the court making decisions on your behalf that you would not have made.
Good surprises can come in all shapes and sizes and can make you smile when you think about them. Examples of good surprises you might include in your will could be:
- Leaving your grandchild money for college tuition.
- Leaving a unique jewelry piece or decorative item to a friend who always admired it.
- Charitable donations to organizations near and dear to your heart.
As an estate planning attorney, I help my clients create a will that is a well-considered document that meets their goals. We discuss what’s important to them and what they envision happening to their hard-earned assets. How can they benefit their loved ones? We weigh the pros and cons of decisions so the resulting will is precisely as my client wishes. I ensure the directives within the will are clearly stated so there will be no questions and also, of course, that it is legal. I don’t want my clients to leave any nasty surprises for their loved ones and for them to include the good surprises that make them smile. If you do not have a will or it has been a few years since yours was updated, please call me at 513-399-7526 or visit my website, www.davidlefton.com, for more information.