Making a will is an important step in ensuring that your assets are distributed according to your wishes after your death. However, many people make common mistakes during the will-making process, which can lead to unintended consequences and legal complications. Read on to learn some of these common mistakes and understand how to avoid them.
One of the most significant mistakes individuals make when making a will is not seeking professional guidance. Although it may seem tempting to create a DIY will using online templates or will-writing kits, it can lead to errors or omissions that can render the document legally invalid. Hiring a qualified solicitor or will-writing professional can help ensure that your will complies with the legal requirements and reflects your intentions accurately.
Another common mistake is neglecting to update the will regularly. Life circumstances change over time, such as marriages, divorces, births, or deaths. Failing to reflect these changes in your will can result in unintended beneficiaries or exclude those who should rightfully inherit your assets. You should review and update your will periodically, especially after significant life events, to ensure it remains valid and reflects your current wishes.
A lack of detail in the will is another frequently-made error. Vague or ambiguous language can lead to confusion or disputes among beneficiaries. To avoid any potential conflicts, it is essential to clearly identify each beneficiary and state their relationship to you. Additionally, be specific about the assets you are leaving behind, including bank accounts, property, investments, and personal belongings. By providing clear instructions, you can minimise the risk of misinterpretation or legal challenges.
Failing to consider inheritance tax implications is a common mistake. Inheritance tax is payable on estates exceeding a certain threshold, and without careful planning, beneficiaries may face substantial tax liabilities. Seeking professional advice to understand the potential tax implications and exploring options for tax-efficient estate planning can help minimise the tax burden on your loved ones.
Overlooking the appointment of executors and guardians is a common oversight. Executors are responsible for carrying out the instructions outlined in your will, while guardians are appointed to care for any dependent children. Failing to designate executors or guardians can lead to confusion, delays, and potential disputes. You should take the time to carefully consider the responsible individuals you trust to carry out these roles and clearly state their names and responsibilities in your will.
If you need guidance on writing a will, PJE Solicitors can help. Our probate solicitors are on hand to provide expert legal advice - to find out more about our will writing services,
contact us today.