Common reasons why a Will fails and how to ensure your Will is well written
Writing a Will can be a stressful task that we tend to avoid or push to the bottom of the to-do list. Our Will states personal wishes as to how we’d like our estate to be distributed after we pass away. Once we have written our Wills we should be satisfied and fully confident that our estate will correctly be distributed according to our stated wishes.
However, there are reasons that we oversee or are not aware of when preparing and writing our Will that can cause it to fail. If a Will fails it means that it is not valid, and in effect, there is no Will – leaving our estate to be distributed under intestate laws. Sometimes only part of a Will fails, for example where back-up provisions have not been made for a situation where the main beneficiaries have all passed away.
Common problems you should be well informed of before preparing and writing your Will:
Different countries have different signing requirements to ensure that your Will is legally binding. You are the testator of your Will, and to validate your Will, you will need to sign it in the presence of witnesses or a notary public. As the name indicates, your witnesses must physically be present and watch you when you sign and date your Will, and they must then sign and date the Will in your presence – sounds simple, right? Unfortunately, many Wills fail because the testator and the witnesses signed with different dates.
Requirements for who you choose as a witness vary, depending on the country the Will covers. As a general rule of thumb, a witness should be over the age of 18 and sound of mind. A witness cannot benefit from the Will they are witnessing, so it would be wise to choose a witness who is not mentioned in the Will or even related to anyone mentioned in the Will.
Marriage revokes a Will automatically, so if you are writing your Will or have written a Will when single and you get married, this will revoke your Will and make it null and void.
If you are already engaged to be married, or if you are expecting or planning a proposal, you can write your Will in anticipation of the marriage, so that tying the knot does not revoke or change your Will. You must name your future spouse to be in the Will – so you cannot write a generic Will stating that it shall not be revoked if you ever decide to marry someone.
Whereas it is perfectly legal to write your own Will, no matter how simple you feel your estate is, writing your own Will can lead to tremendous probate issues, and your beneficiaries might have been better off if you had no Will at all.
Where young children are involved, or where there are assets or ties across borders, it is important to take advice from a professional, who can guide you and ensure that your Will is drafted to properly care for your loved ones.
Although a DIY Will is attractive to save on cost, it can be a risky approach and could leave your family with a financial and emotional upheave. Discussing your estate plan and wishes with professionals ensures that your legacy is preserved.
Only an original signed and dated Will is accepted by the probate courts. If you show up with a copy of a Will – even if it is a certified copy – chances are the courts will give you a timeframe to locate the original, and if this cannot be done within the deadline, the courts will rule that there is no Will, and proceed to apply intestate laws to your estate, meaning that your efforts were all for naught.
Any scribbles, markings or evidence of attachments, such as a paper clip mark or staple holes on your Will, can invalidate the entire Will. It is essential to keep your Will safe, clean and protected from any potential damage.
Location of your Will
The number one reason for a Will to fail is that no one can find it! If your Will is not found and presented to the probate courts within a relatively short timeframe, the courts will assume you did not leave one, and declare that you have died intestate – leaving it up to a predetermined set of laws to decide who gets to inherit your estate.
Don’t fall into this category by making sure that your estate planning documents are kept safe, but accessible.
Want to know where to store your Will? Read more…
Writing your Will is one of the most important things you can do, but it is important to keep in mind the formalities that you must comply with for your Will to be valid and go through probate successfully. Our team has the expertise and skills to assist you with writing your Wills and planning your estate.
Where to Store Your Estate Planning Documents – and where not to!
Have you created your Last Will & Testament? Yes, that’s great! Now, where to store it? Writing your Will is an important task but it’s not the last task on your “to-do” list before you can kick up your feet, sit back and relax.
Did you know? The number one reason for a Will to fail is that no one can find it! If your Will is not found and presented to the probate courts within a relatively short timeframe, the courts will assume you did not leave one, and declare that you have died intestate – leaving it up to a predetermined set of laws to decide who gets to inherit your estate. Don’t fall into this category by making sure that your estate planning documents are kept safe, but accessible!
Below are some pointers to keep in mind when deciding where to keep your Will and other estate planning documents:
Let Your Executor Know
First and foremost, wherever you choose to keep your Will, the most important task is to alert your executors to the fact that you now have one, and where it can be found. Your executors only have a relatively short time to find and present your Will to the probate courts – the timeframe varies from country to country, but a good rule of thumb is six months. Rather than sending your executors on a wild goose chase, or having them tear your house apart in a desperate search, let them spend the time to mourn you, and then figure out the next steps (which we will discuss in another blog post). Don’t forget to keep your executors up to date on any changes, especially if you decide to move the documents to a new location.
It makes sense to keep your Will close, so you can pull it out from time to time, and check that you’re still happy with it. There are a few reasons why your home may not be the best or most secure place for your Will, however – you may be tempted to make amendments by scribbles in the margin – this could invalidate the entire Will. It could also be that children found it and decided that the textured paper it is printed on would make for a great colouring surface – again, this could invalidate the Will. Finally, and possibly most important, if you and your Will were to perish in a fire, you would have passed away intestate, and your efforts to set up the Will in the first place would have been for nothing.
A Safety Deposit Box
If your home is not the safest place to keep your Will, then surely a bank safety deposit box will be. Indeed, however a safety deposit box is too safe! If you pass away, your safety deposit box and its contents form part of your estate, and therefore access to it is frozen along with your other assets. To gain access to your safety deposit box, your executors will need to present the bank with the Grant of Probate, proving that the courts have accepted them as your executors. A Grant of Probate can only be issued by the probate courts upon presentation of your Will, which is locked inside the safety deposit box – a catch 22.
With Your Executor or Family
Instead of keeping your Will at home or in a safety deposit box, considering the risks, you may decide that the best way to make your Will accessible to your executors, is by leaving the Will in their care. This would certainly mean that the executors had immediate access to the Will – but what happens if your executor accidentally loses your Will, or worse – what if you have a fallout with the person holding your Will for you?
Another concern here is that, whereas it’s important that people know that you have a Will and where it’s kept, it is no-one’s business what the Will says until the day you pass away. If you have given your Will to someone to look after, they may sneak a peak and find that they don’t like what they read, or they could even attempt to contest a later Will based on the contents of the earlier Will that they had read.
With your Will Writer or Solicitor
Most Will writers and solicitors will offer to store the Wills you have drafted with them for free, in the anticipation that they will then be involved in the far more lucrative probate process. However, most firms offer only that – the safe-keeping of your Wills, with no additional service of informing and staying in touch with your executors, or even yourself. What’s more, the ‘safe-keeping’ may not be guaranteed – how many stories we have heard about firms closing down and a whole career’s worth of Wills lost, because the staff or successor didn’t have up to date contact details of the clients, or – as in a recent case – the Wills that were in the care of the firm had been moved to a forgotten basement, and were only discovered years later – after several clients’ estates had already been processed under intestate law.
With Phoenix Wills
As we do not directly engage in probate, we do not expect a future income from dealing with our clients’ estates, and therefore do not offer a free storage service.
Instead, we focus on keeping your documents accessible but safe. A nominal fee covers an annual check-in with you to ensure that your Wills are kept up to date. In addition, we send an initial information letter to your nominated executors, as well as an annual reminder to each of them, reminding them of the location of your Wills. This means, by the time you pass away, maybe 30 years after signing your Will, it would have been a maximum of a year since your executors had last heard from us, and instead of trying to remember what you told them about the location 30 years ago, they would (hopefully) immediately know where to turn to in order to retrieve your documents and get the probate process underway, ultimately ensuring that your assets were transferred to your beneficiaries as quickly and smoothly as possible.
Choose the storage option that seems the most suitable for you.
Hong Kong is a transient place, with many of us moving frequently within the city or across the region, during our time here. Ensuring that your Will is safe, rather than risking it being lost in yet another move, is crucial. The physical location of your Will is nowhere near as important as it being easily accessible in the event of your passing, so even if you leave Hong Kong to move to another posting or return home, your Will can be kept in that one safe location, as long as your executors are regularly reminded of the existence and location of your documents.
If you do choose to store your Will at home, may we suggest that you invest in a fire- and waterproof safe, to protect your Will in the case of fire or flooding – or even the water cannons putting out a fire. And remember that your executors will need to know how to open the safe!
The rich and the famous who died without a Will and what a mess it was!
What do Prince, Jimi Hendrix and Aretha Franklin have in common with people like you and me? More than you’d think! As many of us do, they neglected their estate plan and put off writing their Wills until it was too late.
You’d have thought these legendary stars, who generated millions in revenue, would have planned to safeguard their estates. Unfortunately, they never wrote a Will, died intestate and left their estates down at heel.
Here are a few famous artists who failed to plan:
- Jimi Hendrix (Nov 27, 1942 – Sep 18, 1970)
American rock guitarist, singer and songwriter, Jimi Hendrix died without a Will and his estate was battled over for more than 30 years. Following his father’s death, Hendrix’s siblings were left behind, still fighting over the large estate.
- Bob Marley (Feb 6, 1945 – May 11, 1981)
One of the pioneers of reggae, Jamaican singer and songwriter Bob Marley’s estate continues to bring in a significant revenue even though he passed away from cancer in 1981. Bob Marley had been advised to write a Will, but because of his Rastafarian faith prohibiting him from recognizing his mortality, he never did.
Dying intestate, he left behind decades of lawsuits and claimants of his estate, which was estimated to be worth about US$30 million when he died.
- Prince (June 7, 1958 – April 21, 2016)
Prince died without a Will and his estate remains unsettled, with none of his family able to receive a penny. Sadly, his estate has already, and still is benefitting others – Princes’ estate remains in the hands of state-appointed lawyers and executors who have already collected over US$5 million in fees and expenses!
- Aretha Louise Franklin (March 25, 1942 – Aug 16, 2018)
With great surprise “The Queen of Soul” American singer, songwriter, pianist and civil rights activist Aretha Franklin put off writing her Will until it was too late, leaving behind an estate worth US$80 million, and four sons and other family members guessing at her wishes. Her intentions could have been carried out quicker and with less fuss, had she written a Will.
- Salvatore Phillip “Sonny” Bono (Feb 16, 1935 – Jan 5, 1998)
Most well-known for his song I Got You Babe with his second wife Cher, songwriter, television star and politician Sonny Bono, too neglected to write a Will before passing away from a tragic skiing accident in 1988.
Not having a Will complicated the star’s estate, as at the time of his death he left behind a wife, Mary Bono, and three children. Complications surfaced when ex-wife, Cher, and a “love child” made claims to Sonny’s estate.
- Amy Winehouse (Sep 14, 1983 – July 23, 2011)
Amy Winehouse, English singer and songwriter, known for her unique eclectic mix of jazz, pop, soul and R&B, sadly passed away at the young age of 27. Initially it was claimed that Winehouse had, impressively for her young age, an up to date Will, however probate records state the star died intestate. Winehouse may not have had a Will, but what she did have was an estate worth US$6.7 million!
In accordance with intestate law, Winehouse’s estate was passed to her parents, leaving out ex-husband Fielder-Civil (who according to speculations Amy Winehouse still very much loved) as well as her older brother as beneficiaries. Dying without a valid Will, Amy Winehouse joined the list of many of the rich and the famous who neglected or procrastinated in planning their estate.
So why is it that these stars worth millions didn’t have a Will? One possibility is that – like many of us – they simply didn’t want to think about or face their mortality, but the simple truth is, we’ll never be certain!
It is, however, important to address the topic of death, and plan for the inevitable future, making sure that however little or much we have, our estates are distributed according to our wishes, and not decided by the laws of intestacy!
There is much we can learn from the famous – regardless of the value of your estate; whether you’re famous or not; dying without a Will leaves your loved ones with a lot more than just their grief to work through. The answer is quite simple –make sure you write a Will, and remember that writing a Will is not only for you but for the people you leave behind.
With assistance from our team, it does not have to be a complicated affair, and it will leave you and your loved ones with the peace of mind that everything and everyone is taken care of.
Protect Your Children: What You Need To Know About Guardianship
Guardianship 101 by Little Steps Asia
Learn all you need to know about guardianship and how best to protect your children in Hong Kong.
Especially for expat parents living in Hong Kong or abroad, it is extremely important to understand the need to have a Last Will & Testament in place, and in addition to a Will, guardianship deeds to protect your children and ensure good provisions have been made for their future.
Any minor, a child under the age of 18 must have a guardian/s appointed for them who will be responsible for them in case there is an event where both parents were to pass away.
Did you know? Without a Will, your child may not be in the care of the right person. If there is no evidence of guardians being appointed for your child, then the State takes responsibility until a suitable guardian is found. This is important for parents to know, as no parent would want their child to be in State care!
What should you do? Read more…
Don’t hesitate and make the mistake that so many do who put off and avoid writing a Will, as you will only regret the opportunity you had to financially plan and make necessary provisions for your family and loved ones.
For both locals and expats in Hong Kong, having a Will is an especially important aspect of financial planning.
Expat Living HK spoke to our Phoenix Wills director, and Hong Kong-based expat of 16 years, Asa Candussi Wilkins, about all the important questions on the topic of Wills, estate planning and how a Will is necessary for financial planning for your future.
“Do we need a Will? Is our existing Will valid? Who will care for our children if we both pass away?
These are common questions, subjects that are tossed around at coffee mornings and dinner parties, and even on the flight deck of an aeroplane.” – Asa Wilkins, Phoenix Wills
Achieve peace of mind in writing your Will in Hong Kong and ensure that all of your assets and family are protected.
It’s a task that most of us know we should get around to but often put off. Writing your Will needn’t be a painful experience with our Phoenix Wills team as we strive to make the process as smooth and relaxed as possible for you.
The peace of mind comes from knowing that this small but very necessary and important job is finished and is well worth the time and effort to safe guard your future and loved ones.
Wills 101 written by Little Steps Asia
Little Steps Asia gives an introduction of what a Will is and the necessity of why it is we need to have one set up.
Why Little Steps loves it: “It’s important to sort out your Will for your family. Hong Kong based, Phoenix Wills can help you arrange it all. Wills, Enduring Powers of Attorney, Advance Medical Directives (Living Wills), Deeds of Appointment of Guardians, and they also offer safe storage of your Wills in their secure storage facilities…they make it easy, affordable, and offer top security too.”
Before we travel we are quick to make a checklist of things to plan and pack, from our skis and sunnies to our favourite travelling shoes or much-needed neck pillow. However, what most of us tend to forget or are blissfully unaware of is the checklist (touch wood) we’d need in case of an unfortunate event.
No one expects the worst, but should anything happen during a trip, your loved ones could be thrown into an extremely vulnerable, difficult and emotional place. It is always best to rather be safe than sorry and to ensure you protect your loved ones.
Travel with peace of mind that your affairs are in order and that you have made necessary provisions and wishes for you and your family with this checklist of things to consider before you head off:
Making a Will and putting your affairs in order is one of the most important tasks you can carry out. Whether you are married, single, have children or no children we should all have a Will, and if you haven’t written one, before you travel would be a good time to write one. If you have already drawn up your Will, before travelling is a chance to make sure you have reviewed it and made sure it is up to date.
If you have children that are minors, it is an extremely important provision for all parents to make in appointing them temporary and permanent guardians in case of an event if anything were to happen to both parents. It is possible to name guardians in a Will and best to back your Will up with separate deeds of appointment of guardianship where parents can name temporary and permanent guardians for their children that will enable and ensure children are taken into care by the appointed guardians immediately.
Are you an adrenaline junkie and one for those dare devil activities then drawing up an Advance Medical Directive is a definite must-do before your next holiday. If a serious health crisis or accident where to occur and you are unable to speak or make your wishes known, a Living Will or Advance Medical Directive will enable you to make sure that those in charge of your care know what you want. A Living Will would allow somebody you have appointed to act on your behalf and give you authority to make medical decisions as it states your wishes about your medical treatment you want followed in the event you become seriously ill or incapacitated.
In addition to a Living Will it would make sense to write an EPA, which is similar to an ordinary Power of Attorney and is a document in which you appoint a person of your choice to give them financial power of attorney to act on your behalf if you are unable to manage your own finances and affairs.
The next time you plan for a holiday, please do keep in mind our Phoenix Wills checklist of must-dos and take some time to consider and gather all your documents needed to make necessary provisions for you and your family. In that way you can look forward to your travels with the peace of mind that you have left your Last Will and Testament, wishes and estate in the best shape possible.
Because tomorrow is never promised- one of the most important things you can do for yourself and your loved ones is to write a Will and plan your estate. Estate planning laws differ internationally, however one rule that stands true is that if you do not have a Last Will and Testament, the Government will make one for you!
Without a Will, your assets and estate will be distributed according to the generic laws in your country of domicile – splitting your belongings between your next of kin; e.g. partner and children, and in some countries even factoring in parents or siblings.
What if this is not how you wish your estate to be distributed?
Well, this is one of the greatest reasons for and why it is important to write your Last Will and Testament- to ensure your exact wishes are carried out after you have passed.
Contact us to create your Will and have peace of mind that your estate is planned for and your family is well looked after.
For those doubtful of why a Will is necessary, we’ve put together a list of five good reasons Why You Need A Will?
A Will is a legally binding document that allows you to decide exactly how you’d like your estate to be handled and distributed after you have passed away. A Will puts you in control and allows you to choose who is entitled to benefit from your estate and what they will inherit.
Passing away without a Will, the laws of intestacy will decide who inherits your estate, which often could be against your wishes.
Appointing guardians to have parental responsibility of your children, if they are minors is one of the most important reasons why you’d need a Will. Any child under the age of 18 must have an adult who is responsible for them.
What were to happen if something happened to both parents? Absent a Will, if guardians are not appointed for your children, the family court would choose among family members to appoint your children to. For expats in Hong Kong, if no family members are present your children would be placed in an orphanage! It will then be upon the courts’ decision to decide who, if anyone, is best fit to care for them.
Having a Will allows you to appoint guardians you’d want to raise your children.
3 – Choose Executors
When choosing who will administer your estate make sure to appoint someone who is organised, that you trust and who is honest. The executors of your Will will make sure that all your affairs are in order, from bank accounts and bills to business affairs. Executors have an important role in executing your Will according to your wishes and thus, another important reason to have a Will- to ensure the wind up of your estate and affairs are left in good hands.
4 – Avoid Lengthy Probate
Even with a Will probate is no walk in the park and takes some time, as the purpose of probate is to administer your estate. Passing on without a Will, known as dying intestate, probate can be a nightmare as the court decides how to divide your estate without your known wishes! Having a Will speeds up the probate process and allows the court to administer your estate according to your wishes.
5 – Ease Grieving
Losing a loved one is an immensely difficult period. Wouldn’t you want to make grieving less difficult for your loved ones? Writing a Will avoids having loved ones to deal with lawyers and administration during a time of sadness.
Don’t let procrastination get in the way of having a Will. Avoid unwanted stress on your family and protect them during an emotional time. Talk to our team about will writing services and planning your estate in Hong Kong.