Author: Emily Guy Birken / Source: Wise Bread
Fifty-eight percent of Americans have no will, according to a 2017 Caring.com survey. That means state laws, rather than the wishes of their loved ones, will determine what happens to the property and assets of the deceased.
But before the 42 percent of Americans who do have a will start congratulating themselves on helping their heirs avoid such challenging situations, it’s important to remember that even well-planned estates can cause problems for those who inherit.
Here are the potential issues your heirs may face, and how you can make sure your final wishes are followed.1. Your heirs don’t know where to find your estate plan
You may have very specific wishes regarding everything from your burial instructions to who will get your mint condition Cal Ripken rookie baseball card — but those intentions can’t be followed if your heirs don’t know where to find your will and other estate planning paperwork.
Unfortunately, this is a relatively common situation, since many people consider talking about inheritance to be taboo or uncomfortable. Even if your heirs know that you have a safety deposit box in the bank, they may not know which bank, or which branch, or where to find the key.
This is why it’s important to discuss your estate plan with your family. Introduce your kids to your attorney so they know whom to call in the event of your death. It’s also a good idea to create an “in case of emergency” folder that provides your loved ones with the information they will need about where to find your estate documents, as well as the information necessary to handle your banking, taxes, bills, and other issues if you become incapacitated or pass away. (See also: 9 End-of-Life Cost Savings Your Survivors Will Thank You For)
2. Your will is too vague
There are number of ways that a vaguely-written will can cause your heirs problems. The classic example would be if the deceased simply states that her jewelry is to be divided among her children. This kind of imprecise language can end up causing a rift among siblings if more than one wants the same brooch — or if anyone feels slighted as to how the jewels are distributed. It is best to make sure valuable items are specifically distributed in your will to ensure that your wishes are followed without causing family strife.
But a vague will can have bigger consequences than hurt feelings for heirs. For instance, sometimes a will specifies that one family member is to inherit all of the money because the deceased had a verbal agreement with that heir to share the money with another family member. (You may remember this as the beginning of the plot of Sense and Sensibility.) Without specific language in place, there is no guarantee that your heir will do what you asked.
These sorts…
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