Creating Contingencies in Your Will
Although you may think that a simple, notarized statement is a sufficient will for your simple estate, you should consider some contingencies that might make for a difficult distribution of your assets.
If you pass away before your parents, the ownership of your home might come under scrutiny. If you have under-age children or you are not married to your live-in partner, your parents are first in line to receive your estate. Unless your will is constructed by an attorney familiar with your particular circumstances, your parents could contest your will and make claims against your estate.
If your family shares a summer home, the new spouse of your parent, aunt, or uncle could shift the ownership rights away from your family and into the hands of strangers. Although it’s a difficult conversation to start, clarifying the intended transfer of ownership could help avoid a drawn-out lawsuit soon after the passing of a loved one.
Take the time to contact a lawyer now. A small amount of money today could save you or your family thousands in legal bills. Prevent confusion and conflict. The passing of a loved one is stressful enough without the need or threat of a contested will.
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