Everyone makes mistakes, but some are easily fixed, while others might result in more serious issues. Will’s errors are a prime illustration of this. This article will look at common errors and tips on avoiding them while writing a will.
Out-of-date Will
Life can take unexpected turns, and essential things can surprise you. Were you aware that a revised will should consider significant life events? Events such as marriages, divorces, business ventures, births, and funerals may affect how you allocate your assets. You can keep your will current by updating it every five years or if a significant event occurs.
The Wrong Executor
The executor of your will needs to be capable of managing the duties associated with the role. They must be psychologically capable of carrying out executor duties, be at least eighteen, and not live overseas. You should discuss your will with your executor to ensure they can and are willing to be appointed.
Inadequately Witnessed or Signed
Inaccurately witnessing and signing documents is a common mistake that could nullify your will. Two adult UK nationals who are not beneficiaries or who are not married to any beneficiaries must witness your signature for it to be enforceable.
Letter of Exclusions
Failing to make the proper exclusions is a mistake that could result in someone benefiting from your will when you do not want them to. Unfortunately, when someone dies, distant family members may want to take back what they feel is theirs by right. If you wish to make any exceptions, you must draft an exclusions letter with your will. Who should be excluded and why should be made clear in this.
No Designated Guardian
Parents often prepare wills after having children, but many do not include a clause stating who they want to care for their children in the event of an emergency. A guardianship clause should be included in the will of anyone with little children.
Not Keeping Track of Assets
Some people can lose track of their assets, which many of us find unthinkable. Confusion and delays may result from a will’s frequent omission of significant or new purchases or an extra vacation home.
DIY Wills
The biggest mistake would be to have no will or at least no formal will. Writing down your wishes on paper and signing it won’t work. For a will to be enforceable and comprehensible, it must follow specific guidelines. Unintentional writing will have the same impact as unclear notes, which will not last.
Contact Probate Forms for probate advice on 0209 9859553.
