Common Mistakes When Making a Will

A Will is a legal document in which you specify who will be responsible for administering your estate after your death and who will benefit from it. A Will only takes effect upon death and can be changed at any time during your lifetime, provided you have the required mental capacity. By making a Will, you retain control over how your estate is dealt with after you pass away.

Below are some common mistakes made when making a Will, which can prove problematic following the death of the testator (the person who made the Will):

Not Properly Signing and Witnessing the Will

A Will must be signed and witnessed correctly. If it is not witnessed by two independent witnesses, or is not witnessed at all, it will be invalid. In these circumstances, the deceased’s estate will pass under the Rules of Intestacy. These are statutory provisions that dictate how an estate is distributed in the absence of a valid Will and may not reflect the deceased’s wishes.

Failing to Update a Will After Major Life Events

A Will should be reviewed and updated following significant life changes, such as marriage, the birth of children, divorce, or changes to assets. Failing to do so can result in distributions that no longer reflect the testator’s family circumstances or asset position at the time of death.

Unclear or Ambiguous Gifts

Lack of clarity in a Will can cause difficulties for executors when administering the estate. Ambiguous wording regarding who should receive a gift, or what the gift consists of, can lead to disputes, delays, and additional costs.

Being Too Specific About Assets

Conversely, being overly specific when describing assets can also cause problems. If a particular asset no longer exists at the time of death, even if it has been replaced, the gift may fail, meaning the intended beneficiary may not receive anything.

Not Making Use of Inheritance Tax Allowances and Reliefs

There are a number of Inheritance Tax (IHT) exemptions and reliefs that can be utilised if a Will is drafted appropriately. These include allowances for spouses and civil partners, gifts to children, business and agricultural property reliefs, and charitable gifts. In some cases, charitable gifts can also reduce the overall rate of Inheritance Tax payable.

Misunderstanding Jointly Owned Assets

Assets held as joint tenants pass automatically to the surviving owner by survivorship and do not form part of the deceased’s estate. This commonly applies to jointly owned property and joint bank accounts. As a result, any gift of such an asset in a Will would fail, as the asset does not pass under the Will or the Rules of Intestacy.

Making a Will Without Mental Capacity

When making a Will, the testator must have the necessary mental capacity. A lack of capacity is one of the grounds on which a Will can be challenged, potentially rendering it invalid.

How Pinney Talfourd Can Help

Our experienced Private Client team provides clear, practical advice on preparing Wills. We take the time to understand your assets, family circumstances and personal wishes, ensuring your Will is legally robust, properly structured and truly reflects your intentions.

To speak to a member of our team, please call 01277 211 755.