While a lasting power of attorney ensures the well-being and the management of assets during a person's lifetime, a will takes effect after their passing. A will is the expression of a person's wishes regarding their property after their demise and as long as a person is mentally competent to make a will, that person may also change or revoke the will at any time. A clear and detailed will prevents family disputes, provides peace of mind, and ensures that a person's life's work is distributed according to their wishes. In the absence of a will, or if the will was not properly executed and is disqualified, the estate will be distributed according to the law, which does not always align with the personal wishes or unique needs of the family. It is important that a will be tailored to the exact dimensions of the individual (for example, if a prenuptial agreement exists, or if it concerns a non-Israeli with assets in Israel etc.). Here are some of the main issues recommended to be addressed when planning a will:
Identity of the heirs and distribution of the general estate - This is the heart of the will, determining who will receive the assets and in what manner. For example, distribution by percentages or instructions regarding specific assets such as an apartment, vehicle, jewelry and sentimental items, or bank accounts and savings. If applicable, it is important to separately address copyrights and digital assets, which have special rules.
Alternative mechanism for specific assets - Insofar as there is an inheritance of specific assets, it is advisable to address a situation where, at the time of demise, the asset is no longer owned by the testator. Will that heir receive equivalent monetary compensation from the rest of the estate or will this clause simply be canceled? Is there a tracing mechanism for assets purchased with money received from the asset that left the estate?
Management of companies, family businesses, and income-producing properties - If there are family businesses, companies, or income-producing properties, it is important to give this separate attention. Thus, for example, one should consider who will manage the business for the benefit of the others to prevent a situation where the will both creates family disputes and ultimately damages the value of the assets.
Conditions, reservations, and stipulations for realizing the inheritance - Conditions can be set for receiving the inheritance to ensure responsible use of the funds. For example, stipulating that children/grandchildren will receive their share only upon reaching a certain age; a trust for managing funds until reaching a certain age or a specific condition (for example, dedicating funds to finance the education of a child/grandchild, a wedding, or another event).
Building a two-tier will, when required - If required, a two-tier mechanism of "heir instead of heir" or "heir after heir" can be created: for example, setting what happens if an heir predeceases testator. It is also possible to stipulate that an asset will first pass to one person (e.g., the spouse), and after their demise, it will pass to another (e.g., to the children).
Caring for pets - If the testator has pets, it can be set who will take care of them and even allocate a specific sum of money to be transferred to that person in trust to cover food and veterinary care expenses.
Dispute prevention clauses (ouster clause) - In cases of a fear of inheritance battles, provisions can be added stating that an heir who opposes the will without a justified cause will lose their right to their share in the estate. Certainly, when there is a fear of a dispute, or if it concerns a foreign citizen who has assets in Israel, it is advisable that the will be a notarized will.
Of course, this is only a partial list, and a will must be tailored to the dimensions of the testator and one should not settle for an inexperienced lawyer or a will written using an AI system. Because a will is only opened after death, it is important that it be prepared by an experienced lawyer from a reputable firm, who will know how to ensure that the person's will is preserved, identify potential issues in advance and produce the most accurate legal solution, which will also prevent unnecessary family disputes.