Crafting a will is a crucial step in establishing your estate plan, allowing you to dictate the distribution of your assets, designate a guardian for your minor children, and appoint an executor to oversee your estate and ensure your wishes are respected.
A well-drafted will offers peace of mind for both you and your loved ones.
However, a poorly executed will can lead to disputes among family members and expensive or emotionally draining court battles.
To prevent your will from going wrong, avoid these common mistakes:
- Avoid unclear wording: ambiguous language in your will may necessitate the involvement of a court to interpret your intentions, leading to familial conflicts. This is why Scott Green, director of RHC Solicitors, cautions against using DIY templates for will writing. For instance, a recent client of RHC Solicitors, who used a DIY template to create his will, unintentionally disinherited his spouse and left everything to his siblings who fought for every cent.
- Failure to update the will: life events such as marriage, divorce, childbirth or adoption, a death, changes in income, and alterations in estate tax laws should prompt a review of your will to determine if updates are needed. It’s crucial to void copies of the old versions and discuss any changes with family members to avoid surprises and hurt feelings. For instance, a recent client of RHC Solicitors had the same will for 25 years and married after having prepared it. The effect is that the will became void under succession legislation, and the intended wishes weren’t follows.
- Failure to locate the will: store it in a secure location alongside other important documents, and inform your executors about its whereabouts. Ensure they can access the original. Alternatively, trust a law firm like RHC Solicitors to put it into safe custody as losing the original can complicate the probate process, and photocopies may not be accepted.
Creating a will is a significant legal undertaking.
Take the time to carefully consider its contents and seek legal assistance to ensure it accurately reflects your intentions.
