When you had your will drafted, or last had it updated, did you check to make sure that its contents accurately conveyed your last wishes?
Did it accurately communicate how you wanted your estate administered?
This is a question asked by David Knott of Private Client Trust, the fiduciary pillar of Private Client Holdings, who says that often a will is created by a client filling out a form on the back of an application for a funeral policy, loan or some other service.
“This form is handed to the service provider clerk, who may be skilled in funeral policies, loan applications or suchlike, but who rarely understands the impact of those instructions. This form is delivered to a ‘wills drafting factory’, where the final will is churned out - hopefully, correctly interpreted. The formally drafted document is returned to the client, who signs without question, believing the document to be sound.
“Such an approach to a will may lead to a spate of unintended and often unpleasant consequences upon the death of the testator,” says Knott.