DO YOU HAVE A “PROBLEM” WILL?
Identifying potential issues in your Will today could save you thousands in legal fees later! The following article describes some of the common issues that I am seeing in the Wills crossing my desk:
1. Accidental Revocation of Other Wills. The revocation clause usually appears at the beginning of the Will. If you have a Will in another jurisdiction, or a second will that governs the disposition of your private business interests, it is important that you are not inadvertently revoking other Wills that you intend to be valid on your death. Codicils to one Will are more often the culprit in this area.
2. No Mechanism for Replacement Trustees. Without an appropriate replacement provision, the resignation or renunciation of a Trustee or Executor may require a court-application. Although most Wills today have alternate Trustee and Executor appointments, they often miss the replacement mechanism, especially where testamentary trusts are involved.
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