Is your Will still valid?

Let's face it, nobody wants their estate planning journey to hit a roadblock. It's your legacy, after all. To ensure your assets are well-protected and your wishes are carried out without a hitch, steer clear of these five all-too-common pitfalls.

Mistake #1 - Procrastination

Why put off till tomorrow what you can do today? Waiting until it's too late can leave your loved ones in a real bind. Take action now to safeguard your assets and make sure your intentions are crystal clear.

Mistake #2 - Forgetting to update

Life’s a journey, and your estate plan may need updating. Regularly review and revise your documents to keep pace with life's twists and turns. New marriages, divorces, and the arrival of tiny tots should all be accounted for.

Mistake #3 - Prioritising Your Will over Your Powers of Attorney

Don't forget to address the possibility that you might be unable to make decisions at some point. Your Lasting Powers of Attorney are your superpower shields to protect yourself and your loved ones. Yes, your Will is important, but remember to be your own superhero too!

Mistake #4 - The Temptation of DIY Estate Planning

A Post Office stationery form for £19.00 is tempting, but remember, every family is unique. Your Will should be like a handmade pair of shoes designed especially for you. A perfect fit in every way. An experienced estate planning consultant can tailor advice to your situation and ensure your plan meets all the legal requirements.

Mistake #5 - The Dangers of DIY Wills

Online Will providers often have disclaimers stating they aren't responsible for errors caused by users ticking the wrong box. Do you really want to risk your legacy on a simple checkbox mistake? They might claim to check things, but it's often only for typos and ambiguities.

Go Pro for Your Will

Your family's situation is as unique as a snowflake. There's no one-size-fits-all when it comes to writing a Will. Here's why you should leave it to the professionals:

1. Exclusions:

If your family situation is complicated, a professional's advice is invaluable. You might want to exclude a family member, and while it’s possible, it may not be as straightforward as you hope. Many online services charge a premium or decline your business if you want to exclude a family member.

2. Terminology:

Legal jargon can be a maze. Do you know your 'immediate post-death interest' from your 'life interest'? Don't be bamboozled by fancy terms promising to avoid probate costs and inheritance taxes. Trusts can have huge benefits, but they come with costs and administration.

If the claims sound too good to be true, they probably are.

3. The Post Office Stationery Form:

Using a stationery form might seem budget-friendly, but even a small mistake can render your Will invalid. Pre-printed Will forms don’t include a separate gift of chattels. There’s no mention of guardians for young children in them either. Cheap might not be so cheerful in the end.

4. You Don't Know What You Don't Know:

If your Will has errors, would you even know? Legal professionals have insurance to cover human error, and your beneficiaries won't have to worry about costly legal disputes.

Why Choose a Legal Professional

Legal professionals can consider your unique circumstances and financial position to minimize estate costs. They help you provide for children and put protective trusts in place. Plus, they ensure your Will is clear, unambiguous, and valid.

But perhaps most importantly, they can confirm your intentions and capacity if ever questioned. A professionally written Will is less likely to face a courtroom challenge, giving you peace of mind and your loved ones the security they deserve. The cost of a well-drafted Will is just a fraction of the potential expense and chaos of a legal dispute. So, for the sake of your legacy, reach out to a trusted legal specialist recommended by those you trust. Look for credentials, like membership in regulatory bodies, and ensure they have the competence, credibility, and insurance you need. It's an investment in your family's future!

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Please note that information provided on the Carisma Wills website:

• Does not provide a complete or authoritative statement of the law;

• Does not constitute legal advice by Carisma Wills;

• Does not form part of any other advice, whether paid or free.