Estate planning is crucial for ensuring your assets are distributed according to your wishes and minimising potential conflicts among your loved ones. However, there are several common mistakes people make when it comes to their estate planning. Here are five of them:
DIY - Don't write your Will yourself
Would you fix your car yourself or would you rewire your house? The answer is probably no, as it is likely that you lack the skills, knowledge and experience to do so (unless of course your are a vehicle mechanic or electrician) and so whilst it may seem easy to order or download a do-it-yourself Will kit, which promises to take the sting out of the cost of Will writing and enable you to get an entire Will drafted, signed, and witnessed in no time at all, there are several reasons why this might not be the best option and why using a professional Will writer would be a better option. It is likely that you do not have the necessary skills or knowledge to ensure that the wishes outlined in your handwritten Will can legally be fulfilled after you die.
Wills can be more complex than they appear. It takes expert knowledge and practical experience to create a comprehensive, detailed, and clear Will which sets out to avoid misunderstandings and legal ambiguity to help prevent and navigate potential conflicts, disputes and falling outs further down the line. DIY wills often lack the precision necessary to avoid confusion or disputes among beneficiaries. In addition, each jurisdiction has specific legal requirements for a Will to be considered valid. These requirements might include the need for witnesses, specific language, and proper execution procedures. A mistake in following these requirements could render your Will invalid or mean that a beneficiary misses out of their inheritance. As well as this, estate taxes and inheritance laws can significantly impact the distribution of your assets. A professional Will writer can help you structure your estate plan in a tax-efficient manner to minimise the tax burden on your loved ones.
Don't leave it too late
There isn't a right time to write your Will and you may be tempted to wait until the birth of your child or the sale of your house or any other life event which might be taking place in the near future, however, the best time to write your Will is now. A professional Will writer can help you anticipate and plan for unforeseen events or changes in circumstances, ensuring that your will remains valid and effective over time. You can only make your Will whilst you have sufficient mental capacity and so by putting it off, you're potentially putting your loved one's futures up in the air and they will not have the certainty of having financial safeguards in place should the worst happen.
Don't be secretive
It might seem obvious, but when you die your loved ones need to be able to locate your Will and therefore knowing one exists in the first place will help. You will have seen on TV and in the movies, that "the reading of the Will" is made out to be a formal process which is shrouded in mystery, where your family all sit around together whilst a Lawyer reads out the terms of the Will, explaining who gets what. This always leads to some drama where someone is being disinherited or leads to the discovery of a hidden child. Thankfully, this isn't the real world and in actual fact, in reality, there is no such thing as the reading of the Will. It is the job of your executors to follow your wishes and ensure that your chosen beneficiaries receive their inheritance. So whilst we often struggle to talk openly about death and the distant future, it is important that these difficult conversations take place. If you keep your loved ones in the dark about their inheritance and what they can expect to receive from you, then they may well be left with a lot of unanswered questions when you die. While it's not legally required to share the details of your Will with your loved ones, keeping your Will a complete secret might not always be the best approach.
Don't forget to review it and keep it up-to-date
Whilst a professional Will writer will try to plan for every eventuality, none of us can predict what the future might hold. Life changes - families grow or shrink, relationships change, assets and wealth may increase or decrease over time. Therefore it is important to keep your Will under review and arrange to update this if necessary. We would suggest a new Will be written every 3-5 years.
Don't assume you don't need one
Some people feel their estates are simple enough that they don’t need a formal, legal document detailing every one of their wishes. It’s easy to talk yourself out of a task you don’t want to do, but it’s a real risk to consider your estate ‘too simple’ for a Will. We encounter lots of different myths when it comes to inheritance and Will writing. No your spouse will not automatically inherit all of your estate if you do not write a Will, no your stepchildren will not be able to receive their inheritance if you do not write a Will and no your partner who you have lived with for 20 years isn't entitled to anything when you die. The law seems unjust in this regard and for many families it is. The harsh reality is that by not writing a Will could potentially mean that your loved ones are forced to claim against your estate, a very complex, lengthy and expensive process which could have been easily avoided had you of simply written your Will.
The easiest option and best way is to put everything in writing. For the sake of a couple of hundred quid, this gives you peace of mind that your wishes will be carried out and your assets will be inherited by your chosen beneficiaries and ensures that your loved ones do not need to deal with the difficulties, complexities and stresses that dying without a Will leaves for many families. Don’t delay, and don’t try to take the path of least resistance, either.
Talk to us today
Legal professionals, such as Toucan Law are skilled in drafting documents that are clear, unambiguous, and legally enforceable and we have the experience and foresight to ensure that you have the right Estate Plan in place. Estate Planning doesn't cost the earth, our Will writing prices start from £150.
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