Creating a will is a crucial task that helps ensure your wishes are carried out after you pass away. It provides clarity and instructions for your loved ones, making the process of managing your estate much smoother. However, making a will can come with pitfalls if you’re not careful. Some mistakes can cause confusion and disputes or even render parts of your will invalid.

In this article, we’ll explore some of the most frequent mistakes people make when creating a will. From forgetting to update it to overlooking digital assets, we’ll cover key areas that require your attention. 

Forgetting to Update Your Will

Life is always changing. As you go through significant events, it’s crucial to update your will. Many people forget this step, leading to issues when the time comes to execute it.

Major Life Changes: If you get married, divorced, or have children, you need to revise your will. These events change your priorities and who you want to include as beneficiaries. For example, you might want to add your new spouse or your children. If you get divorced, you’ll likely want to remove your ex-spouse from your will.

Changes in Assets: Over time, your financial situation might change. You might buy or sell properties, receive an inheritance, or acquire significant new assets. Each of these changes impacts your estate. Updating your will ensures all your assets are distributed as you wish.

Regular Reviews: Even without major events, it’s good practice to review your will every few years. Laws change, and your feelings might change too. Regular reviews help keep your will current and reflective of your latest wishes.

Ignoring Legal Requirements

Creating a will isn’t just about listing your wishes; it must also meet legal standards. Ignoring these requirements can make your will invalid, causing confusion and legal disputes.

Proper Signatures: For a will to be legally binding, you need to sign it in front of at least two witnesses. These witnesses can’t be beneficiaries of the will. Their role is to confirm that you were of sound mind when signing the document.

Clear Language: Use simple and clear language in your will. Ambiguities can lead to misunderstandings and conflicts. Clearly naming beneficiaries and describing bequests prevents confusion.

Legal Age and Mental Capacity: You must be of legal age, which is 18 in most cases, and of sound mind to create a will. Being of sound mind means you understand the nature of making a will, know the extent of your assets, and recognise the beneficiaries.

Adhering to Local Laws: Wills must comply with the laws of your country or region. Legal requirements can vary, so it’s advisable to consult with a legal expert. This ensures your will meets all necessary standards.

Failing to Communicate with Executors and Beneficiaries

Proper communication with your executors and beneficiaries can prevent confusion and disputes later on. It also helps ensure that your wishes are fully understood and followed.

Inform Executors: Executors play a crucial role in managing your estate. Make sure they know they’ve been chosen and understand their responsibilities. Discuss the contents of your will with them so they are prepared to execute your wishes accurately. This conversation can clear up any uncertainties and provide clarity on complex matters.

Talk to Beneficiaries: Let your beneficiaries know what they can expect. This doesn’t mean revealing every detail but giving them a general idea can avoid surprises. If your wishes are unusual or might cause hard feelings, explain your reasoning. This can help prevent family disputes and ensure everyone is on the same page.

Document Location: Inform trusted individuals about the location of your will and other important documents. Your will can’t be executed if no one knows where to find it. Keeping your executor and family members informed about where you maintain these documents keeps things running smoothly after your passing.

Overlooking Digital Assets

In our modern world, digital assets are a significant part of our lives. From social media accounts to cryptocurrencies, these assets need to be included in your will to ensure they’re properly handled.

List Your Digital Assets: Make a comprehensive list of all your digital assets. This includes email accounts, social media profiles, online subscriptions, and digital currencies. Provide login details and instructions on how you want each asset managed or distributed. This ensures none of your important digital assets are overlooked.

Appoint a Digital Executor: Consider appointing a digital executor who can manage your online accounts and digital assets. This person could be the same as your main executor or someone different, specifically chosen for their tech-savviness. They can handle closing accounts, transferring digital currencies, or maintaining online profiles as per your wishes.

Legal and Privacy Considerations: Be aware of the legal and privacy issues surrounding digital assets. Ensure your digital executor has the authority to access your accounts. Some services have specific policies regarding account access after death, so it’s important to understand and follow these rules to avoid legal issues.

Conclusion

Making a will is more than just a formality; it’s a vital step to ensure your wishes are respected and your loved ones are looked after. By avoiding common mistakes like forgetting to update your will, ignoring legal requirements, failing to communicate with executors and beneficiaries, and overlooking digital assets, you can create a solid, effective will.

For expert guidance and professional will writing that reflects your wishes, contact us at Sovereign Planning today. Let us help you secure your legacy and provide for your loved ones with confidence.