Drafting a Will is a tricky task and this is one fundamental reason why most people leave this task for the experts to handle. It is important to reach out to experts who have quality and diverse industry experience. This experience helps them to understand your perhaps unusual situation to ensure they can suggest appropriate solutions.
Apart from the experience, you also have to look into other factors of the service provider. This includes where they are located, service packages they offer, how much does a Will cost and many others.
There are some companies which offer completely free DIY kits to draft your Will. Along with the kits they also offer additional assistance (which is chargeable) but their expert opinions can save you from making any Will mistakes.
If you are planning to draft a Will any time soon then make sure that you do not make these common mistakes…
This may sound as one of the obvious aspects that anyone would look into or pay attention to but when it comes to legal claim to your estate you ought to be precise about who has their right on it.
There are several ugly incidents in the legal history for estate amongst families. It could be amongst siblings, parents and sometimes amongst a couple. In order to leave no room for misunderstanding you can leave a letter along with your Will.
Make sure that you mention clearly in the letter who should get what part of the estate and why. If you are excluding some of your family members from your estate cite your reason for the same. Your letter might act as strong evidence in the court.
Possibly, take some legal advice for estate planning from consultants as they can guide you to in appropriate estate allocation based on your situation.
There are chances that you might skip to mention in the Will about the house that your parents gifted you in your hometown. Well, most people do not forget their assets but there is probability of this happening.
If you forget to include details in your Will then the estate is dealt as per the legal laws and is liable to inheritance tax.
#3-Revise your Will
A Will is not once in a life-time document wherein you cannot make changes once it is prepared. With changing times and situations, you may have to make necessary changes in your Will as well.
For example, if you have a new addition in your family say -daughter then you have to mention her as well in your Will. Marriage or divorce- In case you have not sorted alimony issues with your ex-spouse then maybe they have a role to play in your Will. To avoid such situations, make sure that you get rid of your ex-spouse financial dues.
#4-Failed To determine guardians
If you are preparing the Will at a very young age then one hassle for individuals is to choose a reliable guardian. If you are taking the initiative to draft a Will then make it a point to do it correctly and rightfully.
Take into account all your friends and family members, short-list people whom you trust and would be ready to take this responsibility. Possibly, ask them for their consent before you mention them in your Will.
This way, you can ensure that your kids will stay in good hands even in your absence. Choosing a guardian is one big hassle for parents as they cannot trust others for their kids and the kind of upbringing someone else would offer them.
#5- Incorrect signature and improper witness
You can say that this is the most common mistake the court would have witnessed in the legal matters pertaining to Wills. In order to validate your Will you need two witnesses.
These witnesses should be present at the time you are signing the Will. Either of the two witnesses shouldn’t be a part of your Will (as beneficiaries) or married to someone who is a part of your Will.
Additionally, these witnesses should be adults which means they should be either 18 years or above.
#6-Unclear gift description
In most gift scenarios, the gift remains static because the beneficiary is already dead. If you mention gift in your Will then also mention the gift is receivable to whom if the beneficiary dies before you.
For instance, you gift a particular estate of your to your brother but he dies before you then who is entitled to receive that gift. Is it his kids or your kids?
Clear mention of all these aspects makes the procedure simpler for your loved ones.