Estate Planning #4: Obsolete Wills

Many Wills (from other lawyers or, gasp, notaries) that we see here are obsolete by the time the testator dies.  Some were obsolete the day they were signed.  A properly-prepared Will speaks for two times: (1) the day it is signed, and (2) the day the testator dies.  A good Will includes terms which account for likely (or possible) future events: the death of a beneficiary, births of new children or grandchildren, a sudden increase in the testator’s property (lottery, inheritance, etc.). 

We see Wills that say: “I leave my estate equally to my children Arnold and Betty”.  But what if Betty dies?  Should the money go to her children?  What if she has none?  To her spouse?  What if she has none?  Should it all go to Arnold?  Or to the favourite charity?  Or the Will says: “I leave my house at 123 Fourth Avenue to be divided equally between all my children”.  What if by the time the testator dies, they have moved to a nice condo at Westminster Quay?  Split that amongst the kids?  Which kids?  Only those alive when the testator dies?  So the grandchildren (whose mom has died) get nothing?  Only “natural” children, but not stepchildren? 

What about planning an estate without considering that the testator may inherit before they die?  Would the testator want to just split everything amongst their heirs in the original Will?  Or maybe decide there’s enough to make a charitable bequest?

What if the charity named in the Will has ceased to operate, but another is now doing the same work?  If the Will says: “A hundred thousand dollars to the Newton Animal Rescue Foundation” – and NARF has disbanded, should the money go to the Whalley No-Kill Animal Shelter?

Every gift should have a backup: If this child dies, then the money goes to their kids, or is split among the other children of the testator; If this charity no longer operates, then to a similar charity in the Surrey area; Etc.

Every time a Will has a term that doesn’t take account of likely future events, lawyers get rich.  As we have said before, a good Will should be worth a few thousand dollars.  Because a bad one can cost every dime the estate has. 

We’re hosting an online Wills seminar on 12 May. Click the link on our main page for details.