I had a call the other day from a lady who wanted to chat about wills. She said that because they have everything in two names, her husband felt that there was no need for a will.
First I told her that I was no a lawyer and not qualified to give legal advice but I did caution her to see a lawyer. I asked what would happen if both of them were killed in a car accident. Who would take care of things. Would your assets be divided according to your wishes? What about the summer cabin? I suggested that there were a whole bunch of issues that would be dealt with and it would make things a lot simpler and possibly cheaper if there were two wills for them.
I suggested as well that they ask a lawyer to draw up two mirror wills which would outline their bbasic wishes. It would not be a costly affair but would make things easier and cause less than if there is no will.
A trust officer told me yesterday that home made wills are dangerous. Some of them have even been rejected by the court. And, the horror stories go on....
Moral: See a lawyer. Do it right.
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