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What a will does not cover, and what to do about it

A will is a good document with a narrow job. Families are often surprised by how much sits outside it.

Things that pass outside the will

Assets held jointly often pass to the surviving holder regardless of what the will says. Some policies and retirement arrangements pass to a nominated person. Business shares may be governed by an agreement signed years earlier that overrides everything else.

None of this is a defect. It only becomes a problem when the will was drafted on the assumption that it controlled all of it.

Property held in the family name

A great deal of family property is held informally. Everyone knows whose house it is. Nobody has looked at whose name is on the document. That works perfectly until the moment it has to be proved, which is always the worst possible moment.

The document is usually fine. It is the assumptions around the document that fail.

The people who have to do the work

Naming an executor is not a compliment, it is a job. Ask the person first. Tell them where the documents are kept. An executor who has to reconstruct an estate from scratch will take months longer and spend more of it.

Keeping it current

A will written before a marriage, a divorce, a new child or a business sale may no longer do what its author intended. Reading it every few years takes an afternoon.

Practical steps

Make a one page list of what you own, how it is held and whose name is on it. Most people find at least one item that is not held the way they assumed. That list is more useful to your family than the will itself.

Contact

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