The biggest mistake you can make when it comes to writing a will is not writing one at all. So if you’ve already committed to writing a will, you’re doing something right! That said, there are still some blunders you don’t want to make as you’re creating your will. Below are 7 examples of mistakes to avoid.
Opting for a DIY will
You can write a will without the help of a legal professional – but it’s not advised. Wills need to be composed and written in a certain way in order to make them valid and uncontestable. When you hire an estate lawyer, you can be more certain that the wording will be right and that no information will be missing. Sites such as this offer more information into estate planning services www.mtelderlaw.com/estate-planning/.
Not naming an executor
An executor is responsible for handing out the instructions in a will. If no executor is appointed, one will be chosen under the rules of intestacy. This may not always be the individual you would have chosen, so it’s important to appoint someone in your will.
Being too specific
Certain terms within a will can run the risk of being too specific, and if not changed may make certain aspects of your will invalid. An example could include wanting to leave your car to a certain loved one. If you state that you want to leave your ‘blue Lexus’ to a family member, but then get a new car which is not a blue Lexus, your new car may not end up going to that specific loved one as you intended. It’s better to state’ the car that I currently own’ so that it applies to any car you have at the time.
Not being specific enough
It’s possible to also be too vague. Saying that you want to leave your ‘vehicle’ to a loved one could end up causing confusion if you have a car and a motorbike, and could make it possible for other loved ones to contest ownership of either vehicle.
Forgetting your digital assets
Many people remember to put their physical possessions in their will and all their bank accounts. But a lot of people forget about their digital assets – including email accounts, social media accounts and possibly even blogs. By naming specific beneficiaries to hand these accounts down to, you can control who has access to these accounts after you die. It’s important that you also remember to provide log-in details somewhere. This article delves more into digital assets: https://www.theguardian.com/society/2022/apr/04/.
Not providing signatures with witnesses
A big mistake that can make your will invalid is not signing your will in the presence of witnesses. Your witnesses must also then sign the will. If there are no signatures or no witnesses, the terms of the will are not legally binding.
Failing to update your will if necessary
You can update a will at any time by making a ‘codicil’. Alternatively, you can write an entirely new will and scrap the old one. In both cases, you will need to get signatures and witnesses again. Updating a will is vital if conditions have changed (such as beneficiaries passing away or beneficiaries no longer becoming suitable).