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 wrote a song about not leaving any money to her murderous daughter-in-law. It’s all fiction and entertainment, of course, and not real. But while you may not have evil plans to cut your loved ones out of your will, you may unintentionally be leaving bad surprises, with equally bad consequences for them, if you don’t work with an experienced estate planning attorney.
The following are examples of some “bad surprises” and resulting consequences awaiting your loved ones if your will isn’t what it should be.
SURPRISE! You didn’t provide all the information about your financial affairs.
CONSEQUENCES: 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?
SURPRISE! You didn’t provide any directions or funds for your beloved pets.
CONSEQUENCES: Your loved ones may be stuck with an animal they don’t want to care for or simply can’t. The burden will be on them to do “the right thing.” Sometimes, heirs tell themselves the “right thing” is to dump the pet at a local shelter or, worse, have it put down. Your pet doesn’t deserve that. And your loved ones shouldn’t be having to make those decisions. If you care about your loved one AND your pet, make plans for the pet, including who will care for it and funds for its care for its expected lifetime.
SURPRISE! An outdated will can sometimes be worse than no will at all.
CONSEQUENCES: There have been cases where a will is drawn up when the deceased has only one child, and the will leaves everything to just that one child. Suppose the will isn’t updated or doesn’t have a provision for future children, should more children come along later. In that case, those kids will be effectively cut out of the will. Talk about a nasty surprise for them.
I’m confident you don’t want to leave nasty surprises for your loved ones. They will already be missing you, so why make things worse by burdening them with “bad surprises” they didn’t see coming? I like to work with clients who want to include good surprises for their heirs, such as
· Leaving your grandchild money for college tuition.
· Leaving a unique jewelry piece or decorative item to a friend who has 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 that it is legal. I don’t want my clients to leave any nasty surprises for their loved ones, and I want 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.