Writing your Will is an important part of the estate planning process and at times it can be challenging especially when compiling all your assets and mistakes can be made when creating or editing your Will.
As a member of the Essex community, we know how much family means to you and we know you want insurance that your estate is in order to take the burden away.
However, you need to ensure there are no mistakes when creating or updating your Will because individuals will make them without realising and this could impact your estate.
What are some of the main mistakes when creating a Will?
There are legal requirements in place when creating or updating your Will and it is important they are followed to ensure your Will is authentic and executed by law when you eventually pass away.
Many individuals forget the laws in place and this can be costly. Your Will must be signed and witnessed to make it legally valid. However, if this doesn’t happen, any Will you make is invalid.
This also applies to updating your Will, if any alterations are not witnessed and signed, your estate is at risk and your wishes may not be fulfilled as intended.
As noted above, it is important you organise all your assets whether that is money, investments, properties, gifts, whatever you intend to leave your beneficiaries because it is common for assets to be left out.
This can be accidental, but it means there is no legal beneficiary for this asset if it is not included as part of your estate.
Alongside forgetting to include assets, another common mistake individuals make is ensuring the right beneficiaries are included or fail to update their Will to reflect current circumstances.
For example, not updating your Will if a beneficiary passes away or considering other possibilities such as marriage, divorce and civil partnerships. It is essential you include the right beneficiaries in your Will as mistakes can lead to family disputes and potential legal action.
These are common mistakes and ones that can be costly if not addressed. You want to ensure your Will is authentic, legitimate and reflects exactly what you want. Any mistakes can damage this, and many people have learnt that the hard way.
How can I ensure my Will is how I want it?
Given mistakes are very common, before putting any estate planning measures, you should ensure you know exactly what assets you want to leave and who will be included as beneficiaries.
Doing this ensures you have included all the assets and beneficiaries in your planning. You should also seek legal advice to ensure you know how to create or edit your Will.
An expert Wills and Probate solicitor will give you the tools to manage your estate and create a Will that is authentic and doesn’t have any mistakes in there. They will advise and guide you on the right steps to take.
At Palmers, our team of experts will help you every step of the way to ensure your Will covers exactly what you want. We’ll support you and offer tailored advice to suit your needs.
Your Will is your insurance that your estate will be distributed how you wish, and any mistakes could jeopardise this. Want assurances over your Will? Get in touch with our team.