How can we be sure when we prepare our will than after death it will be followed and there won’t be any lawsuits to prevent the will from being executed as envisioned?
The main purpose of inheritance law is the disposition of a person’s assets after they pass away in the way they want them to be disposed. The assumption in is that the person’s will reflects the desires of the deceased with regards to what will be done with his assets after he has passed away.
Yet, many times we find that after the person has passed away there are lawsuits between the inheritors – sometimes destroying generations of familial relationships.
Here are some good ways to make sure that this doesn’t happen.
1. Talk about the will with your inheritors. Even though the will represents your desires , and doesn’t require approval from the inheritors, often it’s advisable to discuss it with your inheritors beforehand. You should talk with your inheritors while preparing and let them know that you are making a will and what you plan on leaving them. This way, if there are fights and disagreements between the inheritors, if they occur when you are still alive you can explain why you are doing it, and readjust their expectations so that there isn’t an irreconcilable fight after your death .
2. Get a medical health certificate. If you aren’t cognitively or medically healthy when you write the will, then often after death there are accusations regarding mental ability to legally make the will, which leads to litigation trying to nullify the will. This applies especially if you are not healthy or are very old . Avoid this by seeing the doctor on or about the time of executing the will and getting a medical certificate affirming your medical condition and legal ability to sign a will.
3. Address payment of debts in the will. Debts you have at the time of your death are supposed to be paid off against the assets you have at your passing . Address in the will how the debts will be paid, before the rest of the assets are distributed to your inheritors. Also, tell them how the debts will be paid off. You don’t want somebody who has been living with you and who expects to continue living in your house to find out that the house has to be sold rather than parts of your investment portfolio after you’re gone. That’s a recipe for an ugly lawsuit between inheritors .
4. Special assets. If you own items that can’t be divided like a family heirloon, it’s a good idea to specifically address it in your will. Additionally , if you’re trying to make the will “equal” in its division, you should try to “make it up” to the rest of your inheritors by giving them something equal in money value to that special object . Alternatively, you could just direct that that item be sold and divided equally.
5. Know the law regarding life partners . In Israel a common law spouse will usually inherit by law when their life partner dies unless the will specifies something else. Talk to an Israeli lawyer . This is really important when the person has a life partner , and has children who would inherit from a previous marriage. In a case like that it’s very important to state in your will what the kids will get and what the common law spouse gets.
6. Address what to do with the business. If you have a business or company in your estate, especially one that you want to continue to run after you die , leave very specific instructions in your will about managing the business after your death . If you don’t think anybody will be able or willing to continue running the business after your you pass away, leave instructions to have it sold and the money distributed amongst your inheritors.
7. Address what to do with your home. By law (i.e. without a will) your spouse or partner gets one half your house and your kids divide the rest when you pass away. Many times the kids will make a motion to the court to sell the house and divide the proceeds. This can be a recipe for lawsuits . Avoid the fight by leaving specific instructions in your will for as long as your life partner is alive, they live in the house.
8. Appoint an estate manager if needed. If you think that there are going to be fights about how to carry it out when you pass away, appoint an estate manager in your will. Give them the legal powers to dispose of your assets the way you set out in the will and without involving your inheritors in the matter and in the actual division of the assets.
9. Make a detail listing of your assets. To ensure that none of your inheritors hides from the estate and the other inheritors any assets which should be part of the estate, include in the will a complete list of assets and their location (i.e. Bank of America account xxxx or my safe at home ) etc.
10. Remember – your will is your last word to your inheritors. You can’t change it after your death , and your inheritors can’t argue with you about it after you pass away – only with each other. So, when you make your will, do so carefully and think about the relationships of those who inherit you. Don’t let your will become the instrument that creates wounds which won’t be able to heal when you’re not there anymore.