Making a will is often something people put off, and even when they do get round to making one, they may fall foul of several pitfalls.
As Dale Smith, founder and director at GreySmith Legal, which has recently started offering wills and probate services, explains, there are a number of things to be aware of when making your final plans.
The only certainties in life are death and taxes. So said Mark Twain, but, despite this, the former still tends not to be talked about, meaning all too often, we’re unprepared. Nowhere is this more obvious than in the case of wills; figures vary, but it is estimated that around 60 to 70 per cent of Britons have not made one. But even among those who have, there are a number of errors that can put your whole plan in jeopardy – which is why we’d always urge caution when it comes to using online sites that offer do-ityourself wills. Working with an official will provider makes sure the Is are dotted and the Ts are crossed, although it is still the holder’s responsibility to make sure the document is regularly updated to remain relevant. These are some of the most common errors we see when it comes to writing a will.
Order of death
The most common assumption we see, particularly among married couples, is the will writer assuming they’ll die first and therefore leaving everything to their spouse. This goes for all the material things, such as savings and property, but also responsibilities. While it’s a difficult subject to think and talk about, if you have young children, don’t assume your spouse will still be around to look after them. When it comes to making a will, consider every single possibility and make sure it is accounted for.
Having it witnessed and appointing an executor
To be binding, your will must be signed in the presence of two independent adult witnesses – over 18s who do not stand to benefit in any way in the event of your death. The process is also incredibly specific, and each aspect must be adhered to, otherwise the document will be invalid. Firstly, after you’ve signed the document, you must also watch the witnesses sign it. Your witnesses also need to be physically present when you sign, so even stepping out of the room at the wrong moment could invalidate the process. You may also want to appoint an executor to deal with the administration of your will after your death. While it’s not essential in terms of making sure your will is carried out, if you don’t name one, the state will appoint someone, who may not have been who you wished.
Not keeping up to date
Once you’ve written a will, the temptation is to tick it off your to-do list with a sense of satisfaction. But, as your circumstances change, so should your will. Maybe you’ve had (more) children? Got married or divorced? Lost touch with the people you previously named as guardians of your children? All of these could have a major impact on your last requests, so whenever you make a major life change, add it to your will. However, also be aware that you can’t make amendments to your will once it has been signed and witnessed – simply adding a note won’t count. Instead, you need to make an official alteration known as a codicil, which must be signed and witnessed in the same way as the original will.
Forgetting things
When it comes to writing a will, houses and cars are top of the list when it comes to bequests. However, don’t forget all the smaller, more personal items – the intangibles, if you like – that may have less monetary value but still be incredibly valuable. This includes things like savings accounts, premium bonds or investments, or even loyalty points if you’ve built up a large enough stash. Sentimental items, too, can cause issues if they’re not fully accounted for, so make sure to specify who you want to receive that family heirloom. In this day and age, it’s also worth mentioning what you want doing with any social media accounts, and who you nominate to deal with that. A will is probably one of the most important documents you’ll ever create, allowing your loved ones to mourn you without the added stress of wrangling over who gets or does what.
