Writing a Will is one of the most important steps you can take to protect your assets and ensure that your loved ones are provided for when you pass away. Many people attempt to draft their own Wills, use DIY kits or online forms, believing it is a straightforward process. Whilst these options may seem straightforward, even the most minor mistakes can result in legal complications which could render the Will invalid, cause family disputes and even cost your estate hefty legal fees.
Key Takeaways
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Keep your Will up to date, sign it correctly, appoint a suitable executor, and consider Inheritance Tax to prevent disputes or invalidation.
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DIY Wills or online forms can be risky; obtaining formal legal advice ensures your estate is planned accurately and efficiently.
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Howell Jones offers expert support to create, review, and manage Wills, protecting your estate and ensuring your loved ones are provided for.
Five Common Mistakes When Preparing Your Will
1. Not Updating Your Will
A Will should never be treated as “one and done”. Your Will should evolve as your life progresses to reflect your latest wishes. Many people forget to update their Wills after significant life events such as divorce, the birth of a child, acquiring or losing assets, and changes in relationships. This means that Wills do run the risk of becoming outdated, which can result in complications for your intended beneficiaries.
An outdated Will may not reflect your current wishes, which may result in family disputes when you’re gone. Marriage automatically revokes your Will, so if you remarried and did not put a new Will in place, your estate would be distributed under the Rules of Intestacy.
Also read: What Are the Intestacy Rules?
We recommend reviewing your Will every couple of years to ensure it still reflects your wishes. We also recommend reviewing your Will with any major life changes to give both you and your loved ones peace of mind that your Will remains valid and relevant to your circumstances and wishes.
2. Not Signing the Will Correctly
Failing to sign your Will in accordance with the legal requirements is a common mistake people make. For a Will to be valid, it must be signed by you in the presence of two witnesses, who must also sign the document in your presence.
If a Will has not been signed correctly, it can be declared invalid. If this happens, your estate will be distributed in accordance with the Rules of Intestacy, which means your estate may not be distributed as you intended.
3. Not Appointing a Suitable Executor
It is important to appoint an appropriate person as your executor as their responsibilities include collecting in your assets when you pass away and distributing these in accordance with your Will. They can also be responsible for ensuring your funeral wishes are carried out as you intended.
Many people assume their nearest and dearest are the right people for the job without considering if they’re willing and capable of taking on the responsibility. Ideally, your executor will be organised, reliable, and able to understand the legal and financial circumstances surrounding your estate. Someone very close to you may find it difficult to manage the complexities of estate administration if they are also processing their grief.
To ensure your estate is administered correctly and to avoid putting a strain on your loved ones, you have the option of appointing a solicitor to be your executor and trustee instead.
4. Not Considering the Inheritance Tax Implications
The amount of your estate that is available for distribution to your loved ones can be impacted by the Inheritance Tax due from your estate.
It is a common mistake not to consider potential Inheritance Tax implications, which can result in a larger Inheritance Tax burden.
Careful estate planning can help in mitigating the potential Inheritance Tax liability on your estate.
5. Not Obtaining Formal Legal Advice
With advanced technology, many people assume their estate and wishes are simple and opt for DIY or Wills online. Whilst these may appear to be cost-effective solutions, they do not provide legal advice or inheritance tax advice based on your specific wishes and circumstances.
The cost of instructing a solicitor may seem expensive, but you will have peace of mind that you have been fully informed of the options available to you to meet your wishes and work towards achieving an Inheritance Tax-efficient Will. The cost of a solicitor preparing your Will is far more cost-effective than the cost of remedying any issues that arise from Wills that have not been prepared properly, with consideration to all circumstances.
At Howell Jones, Surrey solicitors, we have a wealth of experience in helping and advising individuals, couples, blended families, and unique circumstances in estate planning. If you have any queries about your specific arrangement, please contact our friendly Wills and Probate team, and we would be delighted to assist.
