She was his employee until he married her.He eventually gave her control of assets worth more than $2million, including business interests and the condominium unit he had bought as their marital home.
As she was quite a bit younger than him, he expected her to outlive him.
The couple had a young son, and all seemed sunny - until she was diagnosed with cancer.
And when she died, her grieving husband had a rude shock. His wife had willed nothing to him, choosing instead to give everything to her child.
To make things worse, she gave control of all the assets to relatives who had never taken care of the child, and even appointed them as joint guardians of the boy.
In effect, her husband had been left not just penniless, but now had to seek approval from others on how to bring up his son.
It didn’t make sense, and the husband challenged the will.
He felt that his wife, in her illness, was not mentally capable of making the right decisions and might have been influenced by relatives.
The case was eventually settled out of court, but it highlights the importance not only of making a will, but of making one that makes sense.
Lawyer Justin Chan of Tito Issac & Co., who specialises in civil litigation, has seen numerous families slug it out in court over money.
It’s not because no wills were made, but because the circumstances surrounding their creation were questionable, or because they were not worded clearly enough.
And it’s not just the rich who need wills.
Mr Chan said he once drew up a will for a client who had just $20,000 to his name.
‘The money, no matter how small, will then go to the right person,’ he said. ‘If you want someone to have your wedding ring or Rolex, you can ensure that he gets it.’
Nor does it cost much. How much depends on the size of the estate and the complexity of the will.
A simple one can cost a few hundred dollars, a complicated one about $1,000.
‘The larger the estate the more precautions you should take,’ he said. And you should do it when you are mentally capable, and get a psychiatrist to certify that.
Your will should also be updated whenever your financial situation, affections or loyalties change.
WHEN YOU CAN CHALLENGE A WILL
-When suspicions arise that a person lacked the mental capacity to execute a will, possibly due to mental or physical illness.
-When it is suspected that the person was coerced into making the will
-When it is suspected that the person signed the will without fully understanding what it said.
.jpg)
No comments:
Post a Comment