Common mistakes to avoid when drafting your will

Have you ever wondered what mistakes to avoid when writing your will? Whether you’re preparing your first will or updating an existing one, it’s important to be aware of common pitfalls that can have serious consequences for your loved ones. Disinheriting a loved one, having your will disputed, or even having your will completely voided are just a few of the potential outcomes of making mistakes in your will. So, what are the most common errors to watch out for, and how can you ensure a mistake-free will that accurately reflects your wishes and protects your assets?

Key Takeaways:

• Incorrectly witnessing the will and asking a child or partner to be a witness can lead to complications and potentially disinherit someone.
• Having an out-of-date will or making changes to your will after it has been signed can make it ineffective.
• Forgetting to include all assets, failing to appoint guardians for minor children, excluding step-children, and being overly specific in the will can cause confusion and disputes.
• Not naming an executor or appointing inappropriate executors, not having an original copy of the will, lacking full capacity when making the will, and not accounting for debts are other common mistakes to avoid.
• Seeking professional advice, updating your will regularly, and ensuring clarity in disinheriting are essential steps to avoid these mistakes and protect your assets.

Common mistakes with witnesses, executors, and assets

When it comes to creating a legally valid will, there are several common mistakes that people make with witnesses, executors, and assets. Avoiding these errors can help ensure that your final wishes are properly documented and carried out. Let’s take a closer look at these common mistakes:

Incorrectly Witnessing the Will

One of the most crucial aspects of a will is the witnessing process. In the UK, witnesses must be physically present when the will is signed to validate its authenticity. Both witnesses must be at least 18 years old, UK citizens, and not named as beneficiaries or married to beneficiaries in the will. Failing to follow these guidelines can result in your will being deemed invalid.

Asking a Child or Partner to be a Witness

While it may seem convenient to involve a child or partner as a witness, this can lead to complications. In some cases, it may even result in them being disinherited due to their involvement in the witnessing process. It’s best to choose impartial witnesses who are not directly involved in the contents of the will.

Having an Out-of-Date Will

Life events, such as marriage, divorce, birth of a child, or death of a loved one, can significantly impact how your will should be structured. Failing to update your will to reflect these changes can cause your intentions to be disregarded or disputed.

Making Changes to a Signed Will

If you need to make changes to your will after it has been signed, it’s important to do so correctly. Making alterations without following proper procedures, such as using a codicil or creating a new will, can render your changes ineffective or cause confusion among your beneficiaries.

Forgetting to Include Intangible Assets

Many people overlook including intangible assets in their will, such as digital assets, online accounts, or cryptocurrency holdings. Remembering to account for these assets ensures they are properly distributed according to your wishes.

Failing to Appoint Guardians and Excluding Step-Children

If you have minor children, it’s essential to appoint guardians in your will to ensure their well-being and care. Additionally, excluding step-children from your will may lead to disputes and potential legal challenges. It’s crucial to consider all family dynamics and ensure your will is inclusive.

Being Too Specific

While it’s important to be clear about your intentions in your will, being overly specific can limit its flexibility. Circumstances change over time, and being too specific may lead to unintended consequences if your assets or family situation evolve differently than expected.

Not Naming an Executor

An executor is responsible for administering your estate and carrying out your wishes. Failing to name an executor or appointing someone inappropriate can cause complications and delays in the distribution of your assets.

Not Having the Original Will

It’s crucial to keep the original signed copy of your will in a safe and accessible place. Without the original will, there could be difficulties in proving its authenticity and ensuring your wishes are upheld.

Lacking Full Capacity