5 common mistakes when writing a will as record numbers disputed
A will is an important legal document to ensure your wishes are followed after you die.
It can be written by yourself, a solicitor, or unregulated will writer, but it's important to note a few common mistakes to try to avoid when writing a will or using a will writing service.
Up to 10,000 people in England and Wales are disputing wills every year according to estimates out this year.
While most disputes are settled out of court, 195 went in front of judges in 2021-22, up from 145 in 2017, the Guardian reports.
The growth is due to an increase in second marriages leading to stepchildren being disinherited, the increased value of inheritance due to the baby boomer generation passing down large, expensive properties, and a rise in dementia sparking claims that the will was not properly written up.
Here we look at some common mistakes when writing up a will which can lead to disputes, or a loss of money.
1. Not updating the will regularly
Failing to update the will after major life changes like marriage, divorce, birth of children, or acquiring new assets like a house can make the document outdated or invalid.
They must be kept up to date to avoid confusion or doubt.
You cannot amend a will after it has been signed and witnessed, so you will have to make an official alteration called a codicil or make a new will completely. Both will have to be signed and witnessed the same way as the first will.
2. Writing an ambiguous will
A poorly drafted will is one that is unclear because it could create grounds for someone to challenge it.
It is then left to family members or other beneficiaries to make assumptions about what the deceased wanted, with different people having different opinions leading to tension and heightened emotions.
Omitting key information, such as the names of beneficiaries, specific assets, or executor details, can lead to confusion or disputes among heirs.
For example, just saying 'my children' when you have step children, can lead to confusion and could lead to them being disinherited.
An executor can help to manage the assets and communicate with the beneficiaries and while there are limits to their authority, they can be helpful to lead sides to a resolution.
3. Not properly executing the will
A will must be signed by the person who is making the will as well as two witnesses.
The witnesses must be aged 18 and over and not named as beneficiaries, or married to a beneficiary. That means they cannot be a child or partner to sign as this could disinherit them.
They must sign together in each other's presence, adding their names, addresses and occupations.
4. Forgetting to appoint an executor
An executor of a will is a person or institution appointed in the will to carry out the final wishes and instructions of the deceased person.
The executor is responsible for managing the estate, distributing assets to beneficiaries, and ensuring that all legal and financial matters are properly handled, such as the correct tax is paid.
It's important to choose someone trustworthy, responsible, and capable of handling financial and legal matters. This can be a family member, friend, or a professional, such as a lawyer or accountant.
Executors are neutral and have a duty to act in the best interest of the estate and its beneficiaries.
Executors can be entitled to reasonable compensation for their work, which is either set out in the will or determined by state law.
5. Buying pre-paid probate plans
These come with significant consumer protection risks according to the Competition and Markets Authority.
Although pre-paid probate plans can help organise administration ahead of a person's death, they are unregulated in the UK and are not protected by the Financial Services Compensation Scheme.
If the company ceases trading before the customer's death, there is no guarantee you will receive your money back. And the Financial Ombudsman Service cannot help resolve complaints.
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