Writing a Will looks so easy, yet a simple error can mean that a Will fails or is invalid.  In this blog we will discuss some of the common issues we regularly see.  Unfortunately all too often, an incorrectly drafted Will results in a contentious probate argument through the Courts.  These are not only very expensive, costing in the tens of thousands of pounds typically, but also incredibly emotionally taxing at a time that beneficiaries are often struggling to come to terms with the loss of a loved one.

Issue 1:  Wills need to be witnessed by two people (two independent witnesses).  So many people draw up "Wills" that are not witnessed.

Issue 2: Unclear - You need to be very clear what you are leaving and to whom.  Too many Wills fail because they fail to explain who needs to get what.

Issue 3: Marrying or entering into a Civil Partnership cancels any previous Will.

Issue 4: Capacity - Many people simply leave it too late to write a Will or write one where their capacity to do so is open to challenge.

Issue 5: Excluding children from the Will.  If a Child is excluded from a Will this can be potentially challenged even where the Child is an adult and self sufficient. 

Issue 6: Arguments between the surviving partner and children/other beneficiaries due to issues regarding the gifted estate in the Will.  At times the surviving partner is left without sufficient assets to enjoy their lifestyle.  Or conversely other beneficiaries are unable to access their inheritance due to an interest held by the surviving spouse.

Issue 7: Ignoring Inheritance Tax - Many beneficiaries are left having to pay a significant Inheritance Tax bill due to a lack of prior planning.

Wills form part of estate planning.  They are an important part, but there are other elements such as:

 Power of Attorneys (POA) for Financial Affairs and Health.  Too many times we see one type of POA and not the other. 

 Inheritance Tax (IHT) planning.  Correct planning can ensure that more of your money and assets go to your beneficiaries rather than to the taxman.

This is why we believe that Wills, POA's and IHT planning go hand in hand.