Article of Interest on Wills & Estates

"WHAT IF" - THE PROCESS OF WILL MAKING 

The process of making your Will involves you taking a demanding and challenging journey.

The experienced Estate Lawyer who you engage should assist you with the confrontation and challenges. That Lawyer will make you tread the difficult path of "what if".

Toby was 72 and had lived with Mary aged 62 for ten years. He had two children to a previous marriage. Mary also had two children to her previous marriage who Toby did not like.

Toby and Mary had pooled their money and purchased a new home in Toby's name with the assistance of a small mortgage at the time. Toby's former home was rented and was a source of income.

Toby made an appointment with his Lawyer to make a Will. "This is simple. I won't take much of your time" Toby said.

Toby produced a piece of paper which read as follows:

•  Home to Mary

•  Sell the other house

•  Pay out the mortgage over the home from the proceeds of sale

•  Balance proceeds of sale to my children

•  Money in the bank to Mary

The Lawyer certainly didn't want to upset the simplicity but the questions must be asked, "What if the other house has already been sold?"

"What if" the money from the sale of the other house was put in the bank? I suppose that's logical, you would have to put the money somewhere. Then it would go to Mary and ultimately her children and not your children. That means your children would get nil."

"What if" Mary predeceased you; what then?" She's a lot younger than you. But she could, couldn't she?"

There's a lot in this isn't there. There's a lot to think about. The size of the estate does not limit the possibilities and unexpected results.

One can't continue to ask "what if" as there are limitless scenarios. But there should be a series of "what if" questions to adequately address probabilities. The whole point of making a Will is to limit the unexpected result and control who benefits from your wealth.

It is not an easy exercise. It is confrontational. It is a challenge. But it is a challenge worth accepting. A challenge in which you should be assisted by your Lawyer to walk the uncertain path of "what if".

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