Having a legally-recognised Will in place is vital to ensuring that your estate is passed on in line with your wishes and expectations when you die.
Yet time and again, people will make easily-avoidable errors in their Wills by not keeping them up-to-date or by failing to seek expert legal advice.
Some of the most common mistakes made are:
Failing to update a Will after getting married
In England and Wales, getting married can invalidate a Will unless the document was drafted ‘in expectation of marriage’ from the outset.
Failing to plan ahead for Inheritance Tax
Inheritance Tax (IHT) is incurred on any estates which exceed the nil rate band of £325,000. It is important to plan ahead for IHT accordingly and explore the various ways of reducing the amount your estate will eventually incur.
Failing to update a Will after separation
If you separate from an unmarried partner who is named in your Will and fail to update the document to reflect this, any intended gift to that person will remain valid in the event of your death.
Failing to document the death of a key beneficiary
If your Will is not updated to reflect the death of a key beneficiary, this could potentially see the intended gift ‘fail’ or pass elsewhere. This will depend on the person’s relationship to you and the ways in which the Will was initially drafted.
Failing to make provision for new partners, children and grandchildren
It is important to remember that any new partners you have met – or children you have had – since drafting your Will are not going to benefit from your estate when you die unless you update the document accordingly.
To find out more about Wills and Inheritance Tax planning, get in touch with our expert team today.