Article of Interest on Wills & Estates

LIFE INTERESTS

Arthur and Zena had been living together for 12 months. They purchased a property on the coast for $800,000.00. Each made an equal contribution to the purchase price. They each had one child to a former relationship.

They decided to make provision for one another in their Wills by giving the survivor the right to occupy the home for as long as they wished. The Lawyer who took their instructions simply drafted a Will in accordance with those instructions. He did not ask many questions. If he had actually listened to Zena it would have been clear she depended upon Arthur to live in this home. Zena suffered serious health problems and couldn’t maintain the large property. Arthur was not as concerned as he could do the maintenance to the property and was still working and earning a reasonable income.

There was nothing in the Will as drafted which allowed Zena to transport the interest she has in the home to a substitute property more suited to life after Arthur’s passing. Zena can’t live in the coastal home as she cannot maintain it. She is left with no alternative but to sell. From the proceeds of the sale of the home she will receive $400,000.00. Although a considerable amount of money, it is not sufficient for her to relocate and purchase a more modest property in the area where she feels secure and has friends. It will be necessary for Zena to relocate to another area altogether where she does not wish to live.

If Arthur could be contacted in the hereafter, Zena is sure that Arthur would say this was not his intent. However, there is nothing in the Will to reflect what Zena believes he would have wanted.

How can this outcome be avoided? By selecting a Lawyer experienced in Estate Planning who is prepared to listen and ask the right questions.

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