Good estate planning helps your wishes be followed and your loved ones looked after. Unfortunately, many people make simple estate planning mistakes that cause problems for their families later. This article explains the most common ones under the law of England and Wales, and how to avoid them.
Assuming estate planning is a one-time task
Many people treat writing a Will as a job done once. However, life events such as marriage, divorce or the birth of a child can change what your Will should say. Marriage or civil partnership also cancels an existing Will, unless it was made in contemplation of marriage to a named person.
So read your Will every year or two, and after any major life event. Our page on marriage, divorce and your Will explains how these events affect it.
Relying on informal wishes or verbal promises
Telling family what you want carries little legal weight in England and Wales. Without a properly signed and witnessed Will, your intentions may not be followed. If you die without a Will, the intestacy rules decide who inherits. For example, an unmarried partner receives nothing under those rules, however long you have lived together.
A Will must be in writing and signed in front of two witnesses who are present at the same time. GOV.UK sets out the rules for making a valid Will.
Choosing executors without proper thought
Your executor deals with your estate after you die. The role can involve months of paperwork, so choose someone trustworthy, organised and willing to do it, not simply the closest relative. Also name a replacement in case your first choice cannot act. It helps to ask people before you name them.
Overlooking guardians for children
If you have children under 18, your Will can appoint guardians. A guardian appointment usually takes effect only when no parent with parental responsibility survives. If both parents die without appointing anyone, the court may have to decide who looks after the children. Naming guardians, and talking to them first, gives clear direction to your family and to the court.
Leaving Wills unclear or poorly worded
Unclear wording in a Will can lead to disputes and delays. For example, a gift of “my car” or “my savings” can raise questions if your assets change. Using a professional Will writer helps reduce the risk of ambiguity, because the wording is drafted to say what you mean.
Signing errors are another of the common estate planning mistakes. A witness, or a witness’s spouse or civil partner, who benefits from the Will loses their gift. The Will itself stays valid, but the person you wanted to benefit may lose out.
Forgetting where your documents are kept
A Will that nobody can find may be treated as if it does not exist. So tell your executors where your original Will is kept. Also consider secure storage, such as our Safe Will Plan.
Not linking your Will with wider estate planning
Estate planning does not stop at your Will, and leaving out other documents is one of the most common estate planning mistakes. Lasting Powers of Attorney let people you trust make decisions for you if you lose capacity during your lifetime. A Will only takes effect after death, so the two documents do different jobs. An LPA must be made while you have capacity, and it can only be used once registered. Registration with the Office of the Public Guardian currently takes around 8 to 10 weeks.
You can read more on our Lasting Powers of Attorney and estate planning pages.
How A.D.E. Wills can help you avoid estate planning mistakes
A.D.E. Wills is a professional Will writing practice working under the law of England and Wales, and Edward Richings is a Full Member of the Society of Will Writers. We are not solicitors and we do not give financial or tax advice. Where specialist advice is needed, we can refer you to an appropriate professional.
If we wrote your Will, we can update it for you, and our Legacy Care Plan includes a minor update each year. If your Will was written elsewhere, or you do not have one, we can prepare a new Will at a fixed fee. Our prices are on the Wills Pricing page.
To talk it through, call 01865 507174 or email info@adewills.co.uk.
