The unknown unknown of the Last Will and Testament
By Inlemay
@Inlemay (17712)
South Africa
January 19, 2016 4:03am CST
Always before embarking on a journey I check my paperwork and make sure all is in order in the event that anything should happen.
My hubby and I have been giving our L W&T some thought lately and might need to so some amending or just add on a codicil to that affect.
I was browsing through some D.I.Y codicil's and got this response:
"Unwary drafters of wills may think that as long as the estate is small, the division is straightforward and the language used is simple, there will not be problems. But the unknown unknowns – what you don’t know you don’t know – are a minefield for the person who does not understand all the laws simultaneously at play."
I have decided to take it to the professionals rather as we would not like any unknown of the unknown to play around in our minefield!
So who gets what,
and who gets not?
There are two grandchildren now, but there could be 6 later?
What are your views on L W&T?
How does one insure that the children and grandchildren (now and to come) get the best of their inheritance that we have pains taken earned it?
Your views are much appreciated.
7 people like this
7 responses
@owlwings (43897)
• Cambridge, England
19 Jan 16
I think that it is always worth taking professional advice when drawing up a will. There are solicitors/attourneys who specialise in this and who are likely to be more aware of the implications of certain wordings which may seem small points to the uninitiated but which can cause big problems and disputes when the time comes to enact the will.
Most of us have had experience of difficulties and disputes associated with the proving of wills, either in person or in our circle of family and friends. The last thing we would wish on our heirs is that sort of unpleasantness and inconvenience, so it is wise to spend money to do our best to ensure that everything is fair, plainly stated and covered unequivocally.
Often you will find that certain solicitors offer a free service in exchange for the inclusion of a small donation to a charity. Depending on the charity, this may be a worthwhile way to go, especially if it's a charity which you would like to support anyway.
1 person likes this
@Inlemay (17712)
• South Africa
19 Jan 16
@owlwings sound advice - I have been giving this a lot of thought lately and feel we need to get our ducks in a row, especially with us traveling so much. I dont want the children to be burdened with sorting any of our bad planning. Yes I have contacted our BANK adviser to assist. Thanks for all the advice.
1 person likes this
@Inlemay (17712)
• South Africa
19 Jan 16
Ours is about 10 years old but in the interim I have gotten some grandchildren - we have bequeathed all our value to a Deaf Home in the event of us all dying, so now I need to change that, as there are heirs to inherit and I want to make provision for grandchildren still to come.
@Jessicalynnt (50523)
• Centralia, Missouri
19 Jan 16
you could set percentages, that the children all get X percentage split amongst themselves evenly and the grandchildren get x percentange split amongst themselves, all must be born at the time of your passing to count, etc etc
1 person likes this
