Frustrating if you try to rule from the grave

For most people, when drafting a will, there is the obvious desire to control the allocation of their assets after their demise.

However, it is possible to be too controlling and to create a legacy that is inflexible, unrealistic and frustrating for your heirs.

Testators are often inclined to have very definite ideas as to what should happen to their hardearned estate and the will is constructed in very precise terms, dealing with each of the major assets, spelling out how and when these are to be disposed of, or retained for future generations.

The education and career paths of children are decreed and at what stages of life the capital should be released from trusts.

A parent is often hesitant to let a child have access to capital too early in life, feeling the child could squander or become lazy if capital comes easily.

All these inclinations are sound in logic, but we cannot predict the future and the “rule from the grave” instructions cannot anticipate how circumstances might change after the testator’s death.

It is for this reason that a will must be as flexible as possible. An effective will should be able to consider variable possible future scenarios and adapt accordingly.

However, for this flexible will to be efficient, the testator must have trust in his executor and trustee.

The executor and trustee must be of impeccable integrity, have expert financial ability and have the emotional intelligence to deal with beneficiaries who may not have the financial nous just yet.

David Knott is from Private Client Trust

... the child could squander or become lazy if capital comes easily.