Thursday, November 21, 2024

Common Estate Planning Mistakes to Avoid

Common Estate Planning Mistakes to Avoid

Committing to writing your will and putting the right plans in place for your estate (and your loved ones) is one of the best decisions you can make. It’s also the hardest part, provided you undertake your estate planning the right way.

Here are four major mistakes to avoid if you want to ensure your will is strong enough to meet all expectations in the future.

1. Don’t DIY

Whilst it may seem easy to order or download a do-it-yourself will kit, which promises to take the sting out of will writing and enable you to get an entire will drafted, signed, and witnessed in no time at all, there are several reasons as to why this will never be anywhere near as reliable as working with a solicitor to prepare your will.

For starters, ensuring that your entire estate is properly sorted and assigned to your chosen beneficiaries isn’t easy; it takes expert knowledge and practical experience to create a comprehensive, detailed, and clear will that won’t lead to misunderstandings, legal ambiguity or falling outs further down the line.

For another, it’s all too easy for the validity of a will to be called into question if there are even minor clerical issues. Signing and witnessing a legal document isn’t just a case of putting your name on the dotted line; certain legal requirements need to be met regarding the signing of the same to ensure it can be relied upon as a valid document.

2. Don’t make it a secret

A lot of us struggle to talk openly about death and the distant future, but some difficult conversations need to be had. If you keep your loved ones in the dark about their inheritance and what they can expect to receive from you, then they may well be left with a lot of unanswered questions when you die.

This is particularly important if you think any of your bequeathments could be cause for surprise and/or upset, or lead to your loved ones having to talk with a will dispute solicitor to challenge the will’s validity or contents.

3. Don’t leave it too late

Don’t wait for the ‘right time’. The only ‘right time’ to write a will is as soon as possible. If you wait, you’re putting your loved one’s futures up in the air and living with no guarantees that they will have that financial safeguard if the worst happens.

4. Don’t forget to update it

No will can be considered weatherproof. Life changes – families grow or shrink, relationships change, and the list of assets you have will be apt to change regularly, too. Any notable change in circumstances should prompt you to revisit your solicitor and revise your will so that its provisions reflect your life as it is right now.

5. Don’t assume you don’t need one

Some people feel their estates are simple enough that they don’t need a formal, legal document detailing every one of their wishes. It’s easy to talk yourself out of a task you don’t want to do, but it’s a real risk to consider your estate ‘too simple’ for a will.

Putting everything in writing gives you peace of mind that your wishes will be carried out and your assets will be inherited by your chosen beneficiaries. Don’t delay, and don’t try to take the path of least resistance, either.