Writing a will is one of the most important things you can do in your life. Unfortunately, many mistakes can be made which can often lead to disputes after you are gone. It’s important to make your will watertight and here are some key mistakes to avoid.
Letting It Get Out Of Date
As soon as something significant changes in your life, you will likely have to change your will. If a sibling dies, for example, then you may want to make sure that the money put aside for them will instead go to their children or spouse. It’s important to keep it updated to always get what you want.
Not Choosing The Right Executors
Choosing an executor can often be a difficult choice. You don’t want to offend anyone but it’s more important that you get the decision right. Choosing someone who is trustworthy and good with financial matters will make the process a lot easier. Choosing people that do not get on with each other should be avoided as this will add only add to the cost to your estate after you’ve gone, especially if each of them instructs their own professional.
Being Too Specific, Or Too Vague
By simply stating “my bank on high street to….” will be too vague; conversely mentioning a specific car might be too specific, as may this gift may fail if you change vehicle.
Assuming Someone Won’t Benefit Simply Because You Don’t Name Them
If you want to exclude someone from your will, make sure that it is stated, Do not assume they will not receive anything from your estate by simply not naming them. They may automatically benefit as a result of another beneficiary’s death. For example, if you don’t want your grandchild to benefit, he may receive a share of your estate if his father, your son, dies before you. Similarly, if you do not want an ex-partner to benefit, leaving your estate to your child (or children) is very risky. This is because, if they were to die before they made a will themselves, their surviving parent will inherit. This may be your ex-partner.
You could have a painting that is worth some money, a rare collection or you might feel as though your car isn’t worth mentioning. It’s important that you mention all of the key assets that you have in your will, even those that have little real monetary value but high sentimental value.