Common Mistakes To Avoid When Preparing Your Will
When it comes to preparing your will, ensuring it accurately reflects your wishes and protects your assets is paramount.
Sometimes the process can be complex, and even seemingly minor errors can have significant consequences.
In this guide, Direct Lawyers will explore some of the most common mistakes individuals make when preparing their wills and provide valuable insights from our experienced Will Lawyers in Brisbane.
Whether you're embarking on the journey of will preparation for the first time or looking to update an existing will, understanding these pitfalls can help you navigate the process with confidence and peace of mind.
Let's uncover 10 common mistakes to avoid when creating a will and tips to ensure it reflects your wishes
1. Procrastination in creating your will
Delaying the creation of your will can leave your assets vulnerable and lead to complications for your loved ones in the event of your passing.
It's essential to address this important task promptly to ensure your wishes are documented and legally binding.
2. Failure to update your will
Life circumstances change, and your will should reflect these changes accordingly.
Failing to update your will after significant life events such as marriage, divorce, births, or deaths in the family can result in unintended distributions of your assets.
Regularly review your will after major life events and update it as needed.
Direct Lawyers can provide ongoing support and guidance to ensure your will accurately reflects your current wishes and circumstances
3. The DIY will approach
Attempting to create a will without professional guidance may seem cost-effective, but it can lead to errors or omissions that render your will invalid or open to interpretation.
Consulting with our experienced Brisbane will lawyers ensures your will complies with legal requirements and accurately reflects your intentions.
4. Unclear language
Ambiguous or vague language in your will can create confusion and disputes among your beneficiaries.
It's crucial to use clear and precise wording to outline your wishes regarding asset distribution, guardianship, and other important matters.
5. Neglecting to include digital assets
In today's digital age, many individuals overlook the inclusion of digital assets such as online accounts, cryptocurrencies, or digital media in their wills.
Failing to address these assets can result in their loss or mishandling after your passing.
Ensure all digital assets are accounted for in your will to prevent their loss or mishandling. We can assist you in identifying and including all relevant digital assets in your will.
6. Inadequate executor selection
Choosing the right executor to administer your will is critical. Selecting someone who lacks the necessary skills, time, or impartiality can lead to delays, conflicts, or mismanagement of your estate.
Carefully consider potential executors and choose someone who is capable and trustworthy. Direct Lawyers can provide guidance in selecting the right executor for your will.
7. Forgetting beneficiary designations
Certain assets, such as superannuation accounts, retirement accounts or life insurance policies, pass directly to beneficiaries named on the account rather than through your will.
Failing to review and update these beneficiary designations can result in unintended distributions.
Regularly review and update beneficiary designations to ensure they align with your wishes. Direct Lawyers can help you ensure all beneficiary designations are current and aligned with your estate plan.
8. Ignoring tax implications
Even though most Estate taxes in Australia have been removed, there are some hidden Estate Taxes that can significantly impact the value of your assets left to your beneficiaries.
Consulting with our Brisbane-based will lawyers can help you develop strategies to minimise tax liabilities and maximise the inheritance received by your loved ones.
9. Overlooking contingency plans
Your will should include contingency plans for unforeseen circumstances, such as the incapacity or death of your chosen beneficiaries or executor.
Having alternate provisions in place ensures your wishes are carried out effectively regardless of unexpected events.
Direct Lawyers can assist you in drafting comprehensive contingency provisions tailored to your specific needs.
10. Failing to seek legal advice from a Will Lawyer
Ultimately, one of the most common mistakes individuals make when preparing their will is failing to seek professional legal advice.
Our experienced lawyers can provide invaluable guidance, ensuring your will accurately reflects your wishes and complies with relevant laws and regulations.
By avoiding these common mistakes and seeking the assistance of our reputable will lawyers, you can create a comprehensive and legally sound will that provides clarity and peace of mind for you and your loved ones.
Now that we've explored common mistakes to avoid when drafting your will, let's shift our focus to things you should not include in your will to ensure its effectiveness and legal validity.
Things that should not be included in your will
● Funeral instructions
Wills are not typically read until after the funeral, so including funeral instructions in a will may not be practical.
It's advisable to communicate your funeral wishes to your chosen executor and loved ones separately from your will.
● Jointly held assets
Assets held jointly with someone else, such as joint bank accounts or property owned jointly with rights of survivorship, generally pass directly to the surviving joint owner and are not controlled by a will.
● Conditions on gifts
Setting conditions on gifts in a will, especially ones that are illegal or impossible to enforce, can lead to complications and legal challenges.
It's important to ensure that any conditions placed on gifts are legally valid and enforceable.
● Specific instructions for personal items
While it may seem helpful to include specific instructions for who should receive certain personal items in your will, this can create disputes among beneficiaries.
It's often better to discuss these matters with your loved ones directly or create a separate document outlining your wishes.
● Life insurance proceeds
Life insurance policies typically have designated beneficiaries who receive the proceeds directly, so they should not be included in a will.
It's important to ensure that your life insurance beneficiaries are kept up-to-date and aligned with your estate planning goals.
● Retirement and superannuation accounts
Like life insurance policies, retirement accounts such as superannuation have designated beneficiaries and are not typically controlled by a will.
It's essential to review and update your beneficiary nominations for your retirement and superannuation accounts regularly.
● Illegal or immoral instructions
Wills containing illegal or immoral instructions are not enforceable and may be disregarded by the court.
It's crucial to ensure that your will complies with all relevant laws and regulations.
● Assets held in trust
Assets held in a trust (such as a family discretionary trust or a unit trust) are already governed by the terms of the trust and should not be included in a will.
It's important to coordinate your estate planning efforts with any existing trusts to avoid unintended consequences.
Avoid common mistakes when drafting your will and secure your legacy with Direct Lawyers
Drafting a will that accurately reflects your wishes and safeguards your legacy requires careful consideration and professional guidance.
By avoiding common mistakes and seeking assistance from our experienced will lawyers in Brisbane, you can ensure your estate plan is comprehensive, legally sound, and provides peace of mind for you and your loved ones.
Contact Direct Lawyers today to schedule a consultation and secure your future, call our friendly experts on (07) 3703 1888 or enquire with us online.