A will or a trust can be neglected, just like anything else in the world. As Murphy’s Law goes – anything that can go wrong, can definitely go wrong. That will include wills and trusts too. When a will or a trust is not maintained and kept property, your beneficiaries will find a lot of problems awaiting them. They can see their inheritance jeopardized, and the rest of their waking lives trying to make things right.
Trusts and wills can be neglected. People should never assume that just because it has never happened to them in their lifetime does not mean other people will not experience it.
Trustee negligence happens when the appointed trustee did not perform their fiduciary duties due to lack of ability, attention, and care. Unlike more malicious and self-serving offences such as embezzlement or fraud, trustee negligence happens because the trustee is simply not doing their job.
They either got too busy, too distracted to meet their obligations, or just completely missed out on the necessary actions needed to be taken. Just because a trustee did not purposely neglect their duty does not mean the beneficiaries are damaged by the lack of care nonetheless.
A lot of times a trustee that has gone rogue may be due to the will owner not appointing the right person. The appointed trustee may not be as trustworthy as the will owner and their families think them to be.
The only solution to this is to make sure you know the person very, very well before you appoint them as your trustee. You wouldn’t want a trustee to go rogue, do you?
Wills that are not updated
Here’s the thing with a lot of people and will: it’s either they never had one or they never update it on a regular basis. Some people may not have a lot of properties, hence they don’t see the need to update their wills regularly. That is completely understandable. However, not everyone has minimal properties.
Some people have so much properties they will have to keep track of it regularly. They will never know when they will acquire a new asset or sell one. If you are one of those kinds of people, it’s good to keep track of your assets and update them regularly in your wills.
What happens if you did not update it regularly? Well, that depends on how your assets are like at the point of your death. If you have a lot of valuable assets that are not listed in your will, they will just be left there untouched. However, it will never be left untouched forever. Your next-of-kin can come forward to claim it but it can be a very long process.
Not leaving behind a will at all
A lot of times, people will think that if they do not have any assets, then they do not need to have a will at all. We can see where that sentiment comes from, however, it’s still good to have a will nonetheless. No matter how little or how many assets you have, just have a will written and legalized.
If you do not have a basic will in place, then you are essentially leaving your assets in the hands of statutory law. Your assets will be divided among your next-of-kin. There is a possibility that relatives you despise getting a piece of your hard-earned assets.
In the end, the relatives you love most may suffer because someone you do not like had a piece of you after you have died. It may come across as some kind of soap opera but hey, life’s not too far away from being one. Make things easier for yourself and your next-of-kin. Be very specific with who gets what and have the will finalized and legalized.
Make sure in your waking life that your wills and trusts are updated regularly. Be very sure of who gets what, and be very sure that you have appointed the best trustee. Your life will be a lot easier that way.
If you need any help with trusts and wills, feel free to reach out to us for help. We are more than ready to assist you in your wills and trusts.