Four Milestones for Making a Will NOW
Dr. Guy Carmi, Attorney-at-law and Notary
Making a will is ALWAYS a good idea unless you want the default rules in the Law of Inheritance (1956) to apply. These default rules are infamous for creating problems amongst heirs. In particular, the default rule states that the spouse and children will inherit all the property simultaneously. In many cases, this may lead to potential conflicts among the heirs, and even lead to claims in court by your children for the evacuation of your spouse from your apartment, for the immediate realization of the property. Here are four (nonexclusive) examples for the necessity of making a Will now.
- When you already gave some property to some of your children
In many cases, parents financially assist their children during their lives. Perhaps you financed one of your children's apartments, but not all. Perhaps you assisted one of them in times of need with a considerable "loan" that was never repaid. In order to make the necessary adjustments in the distribution of your wealth post-death, the Will needs to define which presents that were already given should be deducted from the inheritance. This can be easily defined. For example, you can state that an apartment that was given as a gift will be deducted from the inheritance.
- When you are remarried
Complex families – as their name implies – involve complexities. If you have minor children and you die, your ex-wife or ex-husband will oversee their inheritance. You may trust such spouse to make decisions that will benefit your children, and not them, but this is not always the case. Appointing a trustee or creating a trust can verify that that property you leave to your children will remain theirs to inherit in their adulthood.
- When you are old and alone / childless
When you have no immediate family, it is less obvious who inherits from you. You need to ensure that someone you trust oversees that your wishes are performed. This may well be an opportunity to donate to a favorite charity or to leave your mark by creating something, like a sculpture, or a park or a chair at a university et al.
- When you have property in several countries
If you have property abroad, and you have not made a Will, the default inheritance rules in the other country may apply. This can cause unnecessary conflicts. An Israeli Will should be respected in other countries, and it can be formulated to comply with the laws of such other country/ies, to facilitate its enforcement in the future.
- Any other case in which the default rules are inapplicable or irrelevant
Sometimes you just do not want to bequeath your estate according to the default rules. For example, you may want to unevenly spread your property between heirs, or to disinherit an estranged child. This is all valid and appropriate, if you do it properly.
In conclusion, making a will is always a good idea. This is a great opportunity to stop procrastinating and deciding right NOW.
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