One of the most important steps you can take for later life planning is preparing a Will, and it’s important to get it right the first time. There are several common mistakes that are made that can lead to disputes, confusion, and even invalidate the Will if it is not drafted correctly.

Here we will look at most frequent mistakes made when preparing a Will and the potential consequences.

Importance of a Will

Put simply, a Will outlines your wishes for what should happen to your estate and how your assets should be distributed after your death. It is designed to ensure that everything you owned goes to the right people and allows you to nominate executors to deal with everything. It must be drafted properly, signed, witnessed and kept up to date to be considered legally valid.

If there is no Will, the rules of intestacy come into play. This means that your estate may not be distributed how you would want and can often make matters more difficult for your surviving family.

Mistakes & Consequences

  1. DIY Wills

While the process of drafting a Will is straightforward, attempting to draft one yourself using DIY and online templates can easily lead to errors. Legal precision is imperative to avoid ambiguous wording that can result in wishes becoming unenforceable. There are various legal formalities a Will must adhere to in order to be declared valid, some of which are discussed below:

  1. Signed incorrectly

Believe it or not, there is an incorrect way to sign a Will. A Will must be signed in the presence of two independent witnesses that are over 18 years of age. While this is a simple formality to complete, it is the most common mistake made. Not only can it result in invalidation of entitlements (for example if a witness is a beneficiary), the Will can be declared invalid all together!

  1. Outdated Wills

Once you have a Will in place, it is equally as important to keep it up to date! Changes in circumstance or lifestyle, such as marriage, going through a divorce, having children or buying a property to name a few, are all significant milestones, which may result in  amendments being required to your Will. If it is not kept up to date, your Will may include outdated instructions or unintended outcomes.

  1. Digital Assets

Nearly all of us will now have some kind of digital footprint in addition to our physical assets.  This will usually include email or social media accounts and online subscriptions, but may extend to digital assets with monetary value, such as cryptocurrency (e.g. bitcoin), online investments and paperless banking to name a few. Therefore, it is important to research the correct means of leaving these assets as part of your estate and what better time than when making or updating your Will?

  1. Confusing Instructions

For clarity, it’s important to include specific details and clear instructions and wording, to avoid confusion and disputes between beneficiaries. Even statements such as “I leave everything to my children” can cause confusion if they are not specifically named, especially if you have stepchildren, children from previous relationships and those you may wish to exclude under your Will.

  1. Choosing your Executors

It is imperative that you appoint people who are capable, trustworthy and willing to take on the role as Executors. They will be responsible for administering your estate, dealing with legal professionals, HMRC, financial institutions, collecting in and distributing the estate as per your wishes and potentially taking on the role of Trustees if required. Whilst this list is not exhaustive, due to the level of responsibility, it’s worthwhile discussing this with them whilst you can, to ensure they would be willing to act when the time comes.

  1. Inheritance Tax

More often than not, Inheritance Tax (IHT) planning is overlooked when preparing a Will. This is another reason why using a legal professional is important, because without careful planning, your estate could be subjected to larger IHT bills unnecessarily, whilst careful tax planning could mitigate the amount of tax payable. If this is unavoidable, you can decide which part of your estate pays the tax, ensuring your chosen beneficiaries receive the desired amount from your estate.

Using a legal professional will allow you to explore exemptions, reliefs and strategies to mitigate the IHT liability on your estate.

  1. Will Storage

Unfortunately, a Will is not much use if it is lost! It’s a common occurrence that Executors are not informed of where the Will is kept (whether the original or copies), so ensuring it is stored in a safe but accessible place is essential.

At Backhouse, as part of our Will-writing service, we provide Will storage free of charge. Speak to one of our experts to discuss further.

Will writing with Backhouse Solicitors

At Backhouse Solicitors, our experienced team can guide you through the process of writing or updating your Will, ensuring that it meets all current legal requirements and reflects your wishes accurately. We’ll help you avoid common pitfalls and give you peace of mind that your affairs are in order.

If you would like to find out more or book your free 30 minute appointment with one of our friendly experts, contact us today.

Tel:      01245 893400 | 01702 410880
Email: info@backhouse-solicitors.co.uk
Visit our Chelmsford office: 17 Duke Street, Chelmsford, Essex, CM1 1JU
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