Page 38 - Book10E

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will, the law will dictate how any property that you have not otherwise mentioned will be distributed, and to whom. You will now have died partially intestate, meaning that only some of your property is covered by your valid will.
Forgetting the "just in case" contingencies
In sports, players have backups—backup quarterbacks, relief pitchers, goal keepers—someone to fill in if something happens, such as the player being injured.
In your will, you need to make sure you include those backups and understudies, or contingencies. Specifically, include contingent ben- eficiaries who will “fill in” if your main beneficiary dies before you do. Additionally, you must also name a contingent personal representative who can serve in that all-important role if the person whom you’ve designated for some reason can’t do the job.
Sticking with your personal representative when you really need a substitute
Just as you need to review your will annually, you must also peri- odically ask yourself if the person or institution you selected as your personal representative is still the best choice. You may have selected your sister as your personal representative five years ago, but now she is estranged from the family, or perhaps severely disabled from an automobile accident.
Or you may have selected a small-town bank as your personal repre- sentative because you’ve done business with them for more than 30 years. However, last year a gigantic, out-of-state financial institution purchased the bank and the people at the branch have all been laid off.
Even though your instincts may be to avoid making any changes in your estate plan after you have your will and other aspects in place, you
Avoiding Common Mistakes and Problems in Your Will