To be honest, one of the surest ways to avoid making a mistake when preparing your Will is to get a Solicitor involved. They’ll be able to draw on extensive specialist expertise to ensure that every angle is covered, that every one of your wishes is accounted for, and that everything is solid and legally binding.
Some of the most common mistakes that Executors sometimes make include:
Forgetting to consider assets, such as bank accounts, premium bonds ands shares
Failing to account for outstanding debts. Debts aren’t written off when you die, so your estate will need to settle them before it can be distributed amongst your beneficiaries, potentially leaving them with less
Misunderstanding (or failing to understand) aspects of joint assets. Typically, your share in joint assets automatically passes to your surviving partner, especially with property and bank accounts. However, this isn’t always the case, so take care to do your due diligence!
One of our Solicitors here at Farleys can help you to navigate the most common pitfalls with Wills. Feel free to get started by giving us a call on 0845 050 1958!