Do you have a few bob? If so, read on. If not, then this is not for you.
With wills, as in some other situations in life, size matters. Compare the size of your will with those of your friends. Some will have a whooping nineteen pages, which, you may feel, puts your small three-pager to shame.
‘But why bother?’ as a client asked me the other day. He has one wife and one child. He plans to leave his wealth to her, and if she dies before he does, then he will leave it to his son. His son is capable, not a spendthrift, does not have a drug problem, is happy, hard working, mentally and physically sound. At that stage of the interview I began to doubt that it was his son, but that is by the by.
A standard will seemed to fit his situation exactly. But things change. He could die for instance. With such an attractive wife, no doubt someone else would snap her up. Could this new man set about spending the money? Could his wife die and leave it to the new man so his inheritance does not reach his son? Can the tax department be trusted? Could they decide to change the rules to take a cut of his money on death?
A long will is packed with options for your executors. It can still do everything that a standard will can do, if that is the best thing for your beneficiaries. However, if you need a testamentary trust or some other clever device to protect your money then it gives your executors that option too.
One size does not fit all in the wills game. Be warned.
© Paul Brennan 2010-18. All rights Reserved.
Extract from "The Law is an Ass—make sure it doesn’t bite yours!