As a parent, you want to help your child live an easy, happy life. This is true from the moment they’re born onwards. You’ll probably even want to make sure they’re cared for long after you’re gone.
That’s why it’s so important to write a will as soon as possible after becoming a parent. This simple legal step can provide the finances and comfort your family will inevitably need during a difficult time. But did you know what an astounding amount of wills actually end up being a weight around the necks of named beneficiaries, rather than the relief that you intended?
This is because certain will writing mistakes can leave your will open to legal proceedings and untold amounts of stress if you aren’t careful. But what are the mistakes you need to look out for, and what can you do to avoid them?
# 1 – Misinterpreted Meanings
Will writing is rife with technical terms, but remember, this is a legally binding document. Don’t just nod along if you don’t understand what’s happening. You need to know what’s what, and you can start that process by simply getting to grips with key terms like testator (the person writing the will), executor (the people you appoint to manage your estate), and beneficiaries (the individuals who will inherit your assets).
You may also want to get to grips with different will types and the legality surrounding them. This is less important if you’re intending to write a standard single will, but you’ll need to do more research if you and your spouse wish to write a will together. It particularly pays to understand the subtle but legally significant differences between options like joint wills and mutual wills. Otherwise, you may leave things far too open for contest.
# 2 – Mathematical Mistakes
You don’t need to be a math genius to write your will, but you do need to make sure that your numbers add up. After all, what do you think happens if you leave your kids 60% of your estate, while 40% goes to charity? Legal action would be inevitable to clear things up, and no one wants that.
Working with a trained solicitor is your best way around this, as they’ll guide you through those tricky mathematical divisions. Using percentages instead of specific cash or equity amounts can also simplify matters, as long as they definitely add up to 100%.
# 3 – Making Mistakes With Your Executor
Sometimes, mistakes are also made when it comes to your chosen executor. Someone unreliable could especially slow down the probate process.
Naming a responsible and willing executor will make all the difference here. If you have more than one child, and they’re old enough to accept the responsibility (executors must be at least 18 years old), then naming both siblings as executors can also help to ensure a seamless will that’s read without hiccups when the time comes.
Writing your will can be a difficult process, but don’t let that difficulty trick you into making these fatal mistakes.
