8 common will-writing mistakes
Your will is one of the most important documents you will ever write. Here is a selection of common mistakes to avoid.
Not keeping your will up to date – we all know how quickly circumstances can change, and if you don’t keep your will up to date it can become a complex problem. It is recommended you review the contents of your will at least once every five years to ensure it stays up to date.
Completing your will by yourself – while you might think you’ve got the wording perfect, many court cases have been unnecessarily drawn out over the interpretation of wording. Save your benefactors a great deal of emotional stress by heading to a professional will writer.
Not having your will signed and witnessed correctly – again this is a problem best solved by visiting a qualified solicitor as there is a wide variety of technicalities regarding the execution of wills.
Appointing the wrong executors – this is another matter that is best discussed with your solicitor to make sure you have everything set out the right way. Inappropriate executors can include people who live overseas or someone whose age may make them reluctant to take on responsibility.
Appointing the wrong trustee – if you’re looking to create trusts for infant beneficiaries careful consideration is required to ensure that the trustee appointed has the means to manage and invest an inheritance and they may find themselves out of his or her depth with the money.
Not adequately preparing for tax measures – even if you’re dealing with a modest estate there’s likely going to be a minefield of taxation and superannuation obligations
Issues stemming from a second marriage – issues commonly arise in the execution of wills where people have entered a second marriage. In these circumstances careful consideration must be put into the wording of the will.
Sentimental items – often it’s the smallest items will little to no commercial value that can be some of the most hotly disputed and can cause significant disputes, particularly during a time of grief. Specific bequeathing can ensure this doesn’t become a bigger issues that it has to be.
Related links:
4 alternatives to legal action
10 celebrities who cut their kids out of massive inheritances to give to charity
10 of our favourite law-based TV shows