Having a last will and testament is extremely important. Without one, you’ll have no real guarantee that your capital and assets will go to the people they’re intended for. When you have your will written up, it’s important to know that it’s legally binding and will be executed properly. Unfortunately, there are a few common problems which can come up. If you’re looking to have your will drafted, then here are some things to look out for.
Some people decide to write their wills themselves, using affordable DIY will-writing kits. You’ll see a lot of them marked as “lawyer approved”, or “legally valid”. These will usually come with a booklet of information to simplify the legal process. If you’re thinking of going with the DIY route, then it’s important to understand how much help comes with it. It needs to have detailed explanatory notes telling you how to phrase sections of the will, and sign it correctly. You also need to make sure you know how to identify beneficiaries properly. DIY wills can be perfectly valid, and executed as the individual intends. However, unless you’re an experienced lawyer, there’s a lot more room for error.
You may go with a will writing service, which undercuts the services offered by solicitors. Generally, you’ll be able to talk face-to-face with a consultant, which will help you ensure that your will goes as planned. While this option is more secure than writing your will yourself, you still need to exercise caution. There isn’t much regulation around will writing services. In fact, almost anyone can set up shop as a will writer! Many of these firms have no formal agreements for keeping your will, or are uninsured. However, that doesn’t mean that they’re all bad! Hiring a will writing service can be a great way to go. However, it’s important to do your research into the firms you’re thinking of hiring. See www.lovemoney.com/ for a look at some of the risks involved.
Another problem can come up when you’re assigning trustees or executors. These are the people who will have precedent over your assets, and will be responsible for making sure they reach the beneficiaries. The trustee is usually a friend or family member, but the choice is yours and it’s not something that can be taken lightly! It’s not uncommon for there to be disputes between the trustee and beneficiaries about where your property goes. See www.aldavlaw.com online for more information about these conflicts. This really drives home how important it is to have a will with all the proper terminology! When you’re having your will drafted, make sure that there isn’t a single shred of doubt over what it means. You should also think carefully about who you choose to be your trustee. Whether it’s a friend, family member or a separate professional, there’s a chance of it all going wrong.
Make sure to look out for these common problems when it comes to your will. There are potential slip-ups with any financial process. The important thing is anticipating them!