There are at least 5 worrying answers to this question:
Without a properly drawn up Will:
- Your widow will receive only 50% of your assets – while the additional 50% will be distributed amongst your children (can you be sure 50% of your assets will cover all your widow’s needs?)
- You will not be able to appoint guardians to take care of your children, should you and your spouse die when your children are still young.
- Your heirs will need to file an application for a succession order – a procedure which is complicated and lengthy as compared to the much simpler procedure of applying for an order to probate a Will.
- You won’t be able to make bequests of specific items of monetary or sentimental value to your children or grandchildren (jewelry, books, various collections etc.)
- You won’t be able to enjoy the peace of mind of knowing that you’ve done everything possible to prevent arguments and rivalry amongst your children regarding your assets after you die.
A properly made Will also enables you to appoint named guardians over your children, should you die before any of them reaches the age of 18 (or, more commonly, 21 in Israel, after IDF service). You can also include a long-stop provision in your Will, to cover the possibility that, God forbid, your entire family (children and grandchildren included) might die in a plane or car accident, etc.
Simon M. Jackson is a practising attorney, notary and professional translator in Israel. His specialized areas of practice include wills and successions, contracts (including rental and employment agreements), real estate transactions, commercial law (companies, partnerships, amutot-NPOs), and professional translations (notarized translations a specialty). Simon writes an active blog (http://www.jacksonadvocates.net/category/blog) about contemporary legal issues.
For further advice and assistance in making an Israeli (or UK) Will, feel free to contact Simon in any of the following ways:
Direct Dial: 0737-40-60-40
Disclaimer: The content of this blog is for informational purposes only. It is not intended to be comprehensive, and nor does it constitute legal advice. We attempt to ensure that the content is current, but we do not guarantee its currency. You should seek legal or other professional advice with respect to any particular issue or problem.