8 Common mistakes when writing your will
Having a will in place is better than none at all, but seeking advice is even more important. Below are some common mistakes that are easily avoidable with the correct advice:
1. Not getting tailored advice - many people make DIY wills for many reasons. However, what might be simple and work perfectly well for a friend or neighbour, might not be suitable for your circumstances. Wills are not a one size fits all and it is important to seek advice to ensure that everything is covered for you.
2. Not being honest - whilst we may often seem to be being ‘nosey’ or intrusive, I assure you that it is all for good reason. If you don’t tell us about the daughter from a previous relationship, the nephew that you’ve been financially supporting, or the son you no longer speak to, we can’t help you get the best advice. Transparency with your lawyer is key.
3. Not considering both sides of the family - lots of families are ‘blended’ and it is vital to have the frank discussion over how your estate might be divided upon either/both deaths. There are many planning tools that can be put in place to stop any unnecessary disgruntled children or relatives.
4. Being ambiguous or using confusing language – simply put, a will needs to be clear. When making your will, you might wish to leave everything to your “favourite niece”, but this could cause problems when you die. Ensuring that full names and descriptions are used can avoid potential issues in the future.
5. Not disposing of all assets correctly - leaving your “house and everything in it” doesn’t dispose of the remainder of your estate, it is essential to ensure that everything is ‘mopped up’ with a residual clause. This will avoid a potential situation of partial intestacy where your estate falls to people you might not have intended to benefit.
6. Assuming your spouse will ‘go first’ - this phrase is heard a lot when discussing will instructions. Often, people assume that their spouse in poor health will pass away first, or simply because they are older. Whilst this may be the case, we cannot be certain. It is therefore essential to consider the possibilities and plan accordingly.
7. Assuming that your children will outlive you – whilst nobody likes to think about a child passing before them, making sure you have a contingency in place should something happen to your main beneficiaries is key. You could go on forever with ‘what ifs’ but giving it a little more thought and forward thinking could make all the difference to your family and their future.
8. Not keeping your will up to date – there is a common misconception of “once it’s done, I don’t have to think about it”. For some, this may be true, but for the most part, reviewing of your will every 3-5 years, or in a change of circumstances, be it personal or financial, is warranted. A quick call to review your will can put your mind at rest that it is still relevant.
Preparing a will is a very personal process and getting the correct, tailored advice can make the world of difference. Seeking advice from a friendly and expert Lifetime Lawyer gives you the reassurance that you’ve made the right decision for your family.