As we complete financial plans for our clients, I often ask for a copy of their Will and Powers of Attorney. More recently, I have received these important documents and found errors, sometimes obvious ones.
For example, I recently reviewed a Will that indicated all assets be left to the spouse. If the spouse passed at the same time or within 30 days, the estate would be split between the living children. However, the children named did not belong to my clients.
In another instance, a client’s husband passed away and she updated her Will. Her eldest son was erroneously substituted for her husband in the updated Will so that the son would receive the entire estate. His two siblings would not receive anything unless he passed. Although the error would be obvious, it is possible the Will would not be recognized.
I have seen other errors in my career that are very concerning. I understand the cost of a Will and Powers of Attorney is something none of us like to pay for. A good Will may cost $400-$500 per person. However, it’s not something we spend every day and I believe it is very important.
No one likes to talk about this subject but, like the old saying: “None of us are getting out of here alive.”
If you are interested, do not hesitate to contact us and we will give you a copy of our “Will & Estate Planning” guide.
My ask of you is to please read this guide and take some time to review your Will and Powers of Attorney. If your current Will does not detail your wishes, please take this opportunity to update it accordingly.