Wills, Executors and Keeping Records Findable
Estate administration is made straightforward or extremely difficult by decisions made years earlier, most of them about records rather than money.
Why a will matters
Without one, the estate is distributed according to statutory rules that frequently do not match what the person would have wanted.
Unmarried partners are not provided for under the intestacy rules of many jurisdictions, regardless of the length of the relationship.
It appoints executors, which avoids delay and dispute about who administers the estate.
It allows guardianship provisions for dependent children.
Keeping it valid
Formal execution requirements — signing and witnessing — must be met exactly, and errors invalidate the document.
Witnesses must not be beneficiaries or their spouses, which is a common and costly mistake.
Marriage or its dissolution affects a will's validity in many jurisdictions, sometimes revoking it entirely.
Review after any significant life event and periodically otherwise.
The findability problem
A will nobody can find is treated as though it does not exist.
Tell the executors where it is, and register it where a national registry exists.
Where a solicitor holds it, ensure family know which firm.
Do not attach anything to the original with staples or clips, and do not write on it, since marks raise questions about alteration.
The record that helps most
A single document listing: bank and investment accounts, pensions and their providers, insurance policies, property and mortgage details, utility and subscription accounts, debts, and professional advisers.
Digital accounts and where to find access instructions, since a large part of modern life leaves no paper trail.
Pensions from former employers are the most commonly lost asset, and a list of previous employers helps trace them.
Funeral wishes, which relieve family of guessing at a difficult time.
Keep it updated annually and tell the executors where it is. It need not contain passwords, only pointers.
Choosing executors
People willing to do it, capable of the administration, and likely to outlive you.
More than one where practical.
Professional executors charge from the estate, sometimes substantially, so understand the basis before appointing them.
General information; this is not legal advice. Consult a qualified professional in your jurisdiction.
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