Over the years, I've read many wills and followed many probate administrations of wills.
I can't tell you how many of them were ill-conceived for the testator. That usually comes to light when the person passes away, and the executor, beneficiaries and court are left to put the provisions into effect.
And then there are those where the person who has been named as the executor decides that he has been given the power to do as he pleases.
Most wills have a provision that says that the executor or trustee can perform his duties without posting a bond.
Why do you suppose that is? It is because experience has shown that there is a high risk that the executor or trustee is going to violate the provisions of the will, trust or the laws that govern them.
And sometimes that is the result of the person's education and business experience being questionable with respect to their ability to administer the will.
But more often, it is the result of that person rationalizing their own dishonesty.
So bonding companies either refuse to write the policy, or the premium cost makes bonding that person prohibitive.
That one thing alone should raise the Caution Flag high up the flagpole
If you or your parents, relatives or friends would like a businessman's review and opinion of a will or trust, or one that is currently being drafted by your attorney, I do this and provide a point by point commentary of what I feel may need modification. Then it's up to you and your attorney to make the decisions as to whether or not those parts should be rewritten.
I will not be offering legal advice. I am not an attorney licensed in any state. My analysis and commentary will be from a business point of view.
It's a worthy consideration on your part, I promise.
Why? Because the opinion that a "boiler plate will" is good enough for you or anyone else, for that matter, is highly unlikely. Turning on the computer and filling in the blanks on a pre-written form is dangerous.
For more information, click here.
William S. Cherry and No Company
America's Wealth Coach