Why a Detailed Will and Estate Executor Can Protect Your Inheritance

A recent banking case shows how heirs can lose track of money left behind if estates are not handled carefully. The article says a class action against Bank Leumi, which began in 2018 and ended after lengthy mediation, led to an approved settlement of 28 million shekels in the Central District Court. The claim alleged the bank failed to locate dormant and abandoned accounts, did not report them to the state custodian as required, and charged fees from funds that were not its own.

In practical terms, the dispute concerned accounts belonging to deceased customers whose money was not passed on to their heirs. The piece says this is not an unusual incident but a widespread problem that the public does not sufficiently understand. Legal professionals, including attorney On Tzuk, who is currently involved in several similar cases, say the issue is systemic.

The article argues that a detailed will is the simplest protection. A vague will can be worse than no will at all, because without listing specific assets, bank accounts, insurance policies, and other rights, heirs may not know what exists or where to look. A clear, updated will creates a roadmap by identifying the assets, where they are held, and who should handle each one.

It also says appointing an estate executor in advance is crucial. The executor is responsible for finding, collecting, and realizing the deceased’s assets, contacting banks, checking old accounts, locating forgotten policies, and ensuring every shekel reaches the heirs. Without that appointment, confusion and mistakes can lead to lost assets. The article urges people to seek legal advice, draft a detailed will, and name an executor now.