Common mistakes people make in their wills
The importance of having a will cannot be underestimated, but it is just as critical to ensure that you have put your will together correctly. The last thing you want is for your will to be invalid because it has not been constructed in the right manner. With that in mind, let’s take a look at some of the most common will errors people make so that you can avoid them.
1. Not being specific
One of the biggest mistakes people make is putting together a vague will. You need to be as specific as possible. For example, don’t merely state that you want to divide your estate among your children. You need to state that you want to divide it equally, or if not, you need to be specific regarding the splits you want.
2. Failing to factor in your debts
Your will is not only designed to ensure that your close friends and family members get your assets once you are no longer here, but it is also designed to ensure that your debts do not have a negative impact on your beneficiaries. You may leave a legal wrangle behind if your bequests are tied up in properties that are heavily mortgaged. The best thing to do here is talk to an advisor and who will be able to recommend the best way to handle this when drawing up your will.
3. Not updating your will regularly
The third and final mistake you need to avoid is not updating your will regularly. You should review this document every two years. If you have a change in circumstances, review your will straight away to ensure that it is up to date.
As you can see, there are a number of different ways you can go wrong when putting your will together. This highlights the importance of using a professional service, such as that offered by Fusion Partners. We can ensure that your will is crafted properly so that you can have complete peace of mind. Please do not hesitate to get in touch with us for more information.