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Asset allocation: Simple instructions, complicated results

Monday, February 05, 2018 @ 9:02 AM | By Jordan Atin

Many clients have seemingly simple instructions for their wills. Gifting specific assets to certain beneficiaries are logical and straightforward for many testators. “I want to give my investment account to John.” Such simple instructions give rise to many dramatic consequences that should raise red flags for the adviser.  

Leaving aside drafting concerns, the client should be asked to consider the following major issues:

Ademption and tracing 

Wills work wonderfully because of the concept that they govern what you own when you die. Residue clauses, by...