Planned Giving
DID YOU KNOW?

Your Will May Contain Errors

One writer identified several common errors in will making — even if you use a guidebook, will creation software, or have the assistance of an attorney (which I recommend).

One of them is to overdo equal apportionments. There can be problems when trying to divide an asset such as real estate, furniture, or a valuable art piece. Find out in advance how each of the heirs feels about those possessions. Give those who are not interested a larger share of other assets to balance things out. And then explain your reasoning.

It is also dangerous to include unexplained “surprise” heirs. This can lead to hurt feelings, confusion, and even legal battles. There should be a letter with the will explaining who the “surprise” heir is and why he/she is receiving the bequest.

Setting conditions can also be dangerous. Don’t stipulate that kids or grandkids must graduate from college, marry or achieve some other goal in order to inherit. Solution: if you trust the heir, give the bequest outright. If you don’t, do not leave them as much.

Leaving everything to a surviving spouse could lead to problems, especially if there are children. The spouse could remarry, die before the new partner does, and enable the partner to wind up with many of the assets that were intended for children. An attorney can help you set up a trust that passes your assets from you to your spouse and then to your children after your spouse’s death.

It is possible, but dangerous, to omit children from your will. If you choose to disinherit a descendant, it is smart to mention that person in your will. Failure to do this could be grounds to contest the will. It would be better to include a list of all descendants in the will to show you have not forgotten anyone.

And, a will must be legally signed. Remember to sign the will in the presence of at least two adult witnesses.

For further information, or an individual consultation,
contact: Dr. Marshall Schirer, ABCCR/Planned Giving
1637 May Ave. #1502, Wichita, KS 67213, 316/264-0420