Is your old Will a liability?

21384546_sGenerally, in any Will, there is no need to list assets. As an individual you may wish to keep a list of what you own. This can be really useful to your executors. In this digital age you may have investments or bank accounts that are invisible to your executors unless there is some evidence it exists.
Then there are other problems that may arise with an old Will, and not all of them are financial. We sometimes come across old wills created before all the children were born, and only the named children are beneficiaries. This creates unintended consequences. The answer is to get a new Will in place as soon as possible if the intention is for all children to benefit.
The classic “Don’t worry, I’ll change my Will soon” shortly followed by total inaction, results not only in an undesired distribution of the estate, but often a family in dispute that can last years and potentially strip the estate, as all its assets disappear in legal fees.
Has your family suffered the consequences of an old Will?