Will writing is a complicated process and can be tricky to get right. Self-made Wills may seem like a good solution to planning for your future and outlining your wishes, giving you the control of what happens to your assets when you’re gone.
Homemade Wills, however, are often plagued with many issues and can cause problems for your loved ones later down the line. Zeba Yahya, Paralegal in our Wills & Probate team, explores the common mistakes in homemade Wills and why consulting a legal professional can give you peace of mind when it comes to your estate.
Administrative Problems
Wills need to be signed and witnessed correctly to be considered valid. Forgetting to sign a will, not having it witnessed or witnessed incorrectly can invalidate your Will.
Multiple Beneficiaries
Anyone who is due to receive an inheritance from your Will is known as a beneficiary. To ensure that a beneficiary receives the right assets from your estate, the wording must be accurate.
We often see blanket statements to say that all assets should be left to one person, with a secondary statement that leaves one asset to another beneficiary. These two statements contradict each other, and the second individual may not receive their inheritance.
AI-Generated Wills
Artificial intelligence is becoming more popular and accessible, however, AI technology is still experimental and may not always be reliable.
Relying on this technology may cause inaccuracies in your Will, potentially leading to challenges for your loved ones and the risk that your wishes may not be fulfilled.
Forgetting Assets
A lawyer will thoroughly check all of your assets and make sure everything is included in the Will. People often overlook smaller assets that don’t immediately come to mind during the drafting process.
Any assets not included will result in a ‘partial intestacy.’ Intestacy sets out a strict set of rules about who will inherit those assets and may go to a beneficiary you do not wish to be included.
We can help you
A Will is a document created to ensure that your wishes are followed and should be carefully drafted and regularly updated. Having a legal professional draft your will ensures that your intentions are clearly and accurately documented.
Our team of Private Client experts are able to take you through the process to guarantee that your Will meets your needs. If you would like to discuss preparing a Will, please contact one of our team on 0161 768 15961.