Common Mistakes People Make While Writing a Will

A key essential of estate planning is definitely drafting a Will. It provides the guarantee that your assets remain in safe hands after your death, and helps to avoid pointless arguments. However, it is common practice for people to unintentionally make mistakes while drafting a Will, which could cause uncertainty, legal difficulties, or even invalidation of the instrument. Some of these mistakes are very common and can be easily avoided. These include:

1. Not Making a Will

People are often misled by the belief that Wills are for the rich and famous. The layman concept of Will is to pass on large amounts of wealth, property or any other valuable asset to the next generation. Due to this misconception, those who don’t own such assets don’t see any point in making a Will. Moreover, people believe they have plenty of time to draft a Will. But it must be clarified that the importance of a Will goes beyond distribution of financial assets and materialistic possession. Wills help ensure that the wishes of the deceased person are respected. Should you die without a Will, the way your assets are distributed Will follow intestate succession, which may not be according to your preference. Moreover, omitting to include a guardian in your Will can lead to more problems if you leave behind minor children.

2. Making a DIY Will without any legal review

To save time or money, many people choose to create their Wills using online templates or standard forms. Although this might seem like an easy way out, it can lead to legal complications later on. The draft that you choose might not be a legally valid one, and if not reviewed by a legal expert, it can lead to confusion. Wills made by oneself might be rendered invalid later on. There is a chance that the Will that you yourself make might not comply with the complex inheritance laws in your jurisdiction, particularly in a country like India, where succession laws vary based on religion and personal laws. Thus, there may be errors in drafting or execution.

3. Ambiguous language in a Will

Clarity in a Will is essential. Unclear wording or vague terms can cause misunderstandings and arguments among those receiving benefits. This can lead to unnecessary disputes, and long-drawn-out legal battles amongst those left behind. Sentences such as “divide my belongings equally” or “a significant portion” can be interpreted differently by beneficiaries, and can open up a lot of loopholes. Thus one should clearly describe which asset should be given to which person, along with the property addresses, account numbers or any other unique identifiers.

4. Not updating the Will

A Will should not be just written once and stored away. It should be reviewed and updated regularly. The ideal time for update should be three to five years, or whenever a significant life event occurs. Events such as getting married, getting divorced, having a child, experiencing death of a relative, can lead to changes in the desires. One may want to change the division of financial assets due to these events. Failing to update your Will after these events may lead to unintended consequences or confusion, as it may no longer reflect the current circumstances or intentions of the person. Moreover, there can be changes in the financial status and acquisition of new properties and assets as well. Updating the Will regularly ensures that it reflects the correct wishes of the deceased and avoids potential disputes amongst the family members. Regularly revisiting the Will also gives the opportunity to ensure that the estate planning strategies, such as tax considerations, remain effective and aligned with the goals.

5. Lack of Witness Signatures

There are certain legal procedures that need to be followed. One this includes the provision, according to the succession laws of India, that there must be two witnesses attesting to the Will. These two witnesses must also sign the Will. These witnesses should be competent to sign the document, and should be the beneficiaries to the Will, otherwise there might be a conflict of interest. There can be more than two witnesses as well, since they Will add more credibility to the Will. These witnesses can testify the signature of the testator and can confirm that the testator made the Will voluntarily and within sound mind. A Will that does not meet the legal formalities required for execution may be declared invalid. Thus, this requirement must be kept in mind.

6. Not Safeguarding the Will

A Will that is lost, damaged, or inaccessible after your death can result in substantial disputes or delays in the distribution of your estate. Beneficiaries may encounter legal obstacles in the absence of the original document, which could result in extended settlement processes and potential conflicts. It is imperative to store your Will in a secure location, such as a bank locker, a fireproof safe, or with your counsel, in order to prevent these issues.

Conclusion

Drafting a Will is an essential measure to ensure smooth transfer of your assets and avoid conflicts among your loved ones that you may leave behind. Eliminating these common errors can make the procedure efficient and legally valid. Consistent evaluations, explicit directives, and expert guidance are essential for writing a legitimate and thorough Will. A well-crafted Will is not just a legal document but a way to leave behind peace and clarity for your family.