A will may be the most important document you ever have to create in your lifetime. It’s the only control you have over what happens after you have gone, when you no longer have a voice. Therefore, it is of the utmost importance that you get it right. We take a look at the biggest mistakes that people make with their will and how you can avoid making the same errors.
Not making a will
A staggering two thirds of the population don’t have a will. The thing is, we never expect anything to happen to us. We just think that will is something we can put off and worry about in the future but, what if the unthinkable did happen? What would happen to your assets? What about any children and your wishes for them and what about any funeral arrangements? It’s not something we like to think about, but it saves much worry and stress for our loved ones and ensures that the right plans are in place.
Did you know that if you die without a will you are classed as dying intestate? This means that a set of rules and processes, which are laid out by law, will have to be followed whether you want them to or not. The order in which relatives are given priority over the estate is as follows:
- Spouse/civil partner
- Children and or grandchildren
- Parents
- Siblings
- Grandparents
- Uncles and aunts
The highest existing and surviving relative will take priority. If you have any disputes with family or have separated from a partner but not divorced or financially separated, this could cause issue.
The will was incorrectly witnessed
For a will to be valid it must be signed in the presence of two witnesses. These people must be UK citizens that are aged 18 or over and that are not named as beneficiaries in the will, or are married to someone who is a beneficiary.
Some people ask for a child or partner to witness therefore causing issues if they are to benefit from the will. If they have witnessed the will it could actually disinherit them.
An out of date will
Your wishes now may not be the same as your wishes in ten years’ time therefore it is important that if there are any major life changing events, you ensure that your will reflects these. This include the birth of another child, remarriage, the birth of a grandchild, divorce, moving house or the loss of a loved one.
Making changes post signature
Once your will has been signed and witnessed it becomes legally binding. You cannot make changes without going through the process again and making a new will or making an official alteration which is called a codicil. As with a new will, a codicil must be signed and witnessed. You can make as many codicils as you wish however, bear in mind that if you have many changes to make, a new will may be a better idea.
Forgetting/omitting assets
The house, the car, any property and tangible assets are easy to remember but what about everything else? Do you have shares, premium bonds or savings that you may have forgotten about? What about digital assets – social media accounts, other online accounts etc?
Excluding people
There are often people that get excluded from wills. Sometimes intentionally but often by mistake. Using the broad term of “my children’ in a will for example could exclude any step children, even if you are including them in the term ‘children’. You must specifically name them in the will to ensure that they are included.
Not having the original copy
No matter how many high quality copies you make of your will, it is only the original that counts. To legally administer the estate, the executors must have the original.
Leaving out debts
Before any assets are divided, any debts of the deceased must be settled. If you think that your fortune will just get equally divided without settling any debts then you would be mistaken. Many people make the incorrect assumption that their debts will die with them. The most common debt is, of course, the mortgage.
Not appointing appropriate executors
An executor of a will is the person who will deal with the administration of the estate after the deceased has passed. They have the responsibility to ensure that the wishes in the will are carried out. Much of the time the executor is a member of the family or a friend. Some even have professional executors. It is important that you name the executors in the will or the court will appoint one for you. It must be someone you trust and that is capable and able to carry out your wishes. Don’t appoint an executor that lives abroad or that is not really up to the job.
Being of sound mind and judgement
A will can be quite a contentious subject therefore it is imperative that is written by someone who is of sound mind and judgement. If the person is suffering from dementia or has a problem with drugs or alcohol, the will could be called into question and contested.
Doing it yourself
Leaving a letter in your bedside table that specifies your wishes is not a legally binding will. It should be a professionally prepared document that is signed and witnessed accordingly. Wishes should be specific, people should be named and the will should be written with absolute clarity so that it is not open to misinterpretation. It is always wise to appoint a professional to help you so that you know everything is as it should be and you have complete peace of mind knowing that your loved ones are protected should anything happen to you.
If you would like help and assistance making a will, the team at Buzz Financial will be happy to help. Simply give us a call on 01934 756717.