Add thelocalreport.in As A Trusted Source
When you sit down to write a will, the big things like property, bank accounts and family inheritances immediately come to mind, but some overlooked details are often missing.
The Last Will and Testament is one of the most important documents you will ever sign, so it’s important to take the time to get it thorough and concise.
we talked emma brysonSenior Associate in the Disputed Wills and Estates team at MichaelMors, who has highlighted four common things that come to people’s mind when making a Will, which can save a whole load of confusion and stress down the road.
1. Alternate or replacement beneficiary
Clearly naming alternate or replacement beneficiaries in your will is a sensible backup plan that most of us forget to do. “If the donee, who is the recipient of the gift under the will, dies before the testator [the person who makes a legally valid will]And there is no replacement beneficiary, then that gift will fail and that legacy will fall into residue,” Bryson explains. “That means it will fall into the pot of whatever is left in the estate, and that may not be what the testator wanted.”
You are not legally obliged to name alternate or replacement beneficiaries in your will, but attorneys usually recommend it.
“There are obviously some risks if you don’t name an alternate or replacement beneficiary, because if they die before you, you lose control over what happens to that gift,” advises Bryson.
2. Funeral and Burial Wishes
Outlining your funeral and burial wishes in your will can help reduce stress for your loved ones by providing clear guidance for arrangements.
“We believe it is really important for the testator making their will to think about whether they would like to be buried or cremated and how they would like that to happen,” says Bryson. “Often this may have been communicated verbally to relatives or friends, but there is always a risk that those relatives may forget, or they may have already predeceased the testator, meaning that the testator’s wishes for a funeral or burial cannot be given effect to.”
However, she notes that funeral and burial wishes are not legally binding.
Bryson explains, “They’re just wishes, so you can’t oblige anyone or force your executor to carry out your funeral and burial wishes a certain way.” “However, they are still really important because if there is ever a dispute over who the executors are or how the person should be buried or cremated, the court will consider the wishes of the deceased as one of the factors when deciding what should happen.”
Get free fractional shares worth up to £100.
Capital at risk.
terms and Conditions apply.
Advertisement
Get free fractional shares worth up to £100.
Capital at risk.
terms and Conditions apply.
Advertisement
Many people outline their funeral and burial wishes at the beginning of their last will and testament.
“There’s no specific place to include funeral or burial wishes in a will, but you’ll usually see them included at the beginning, after the testator’s name and address,” says Bryson.
3. execution of a will
When dealing with something as important as a will, it matters to follow all protocols and get all the intricate aspects of administration right.
“The execution of a will is very particular. If anything is not correct regarding the way the will is signed and witnessed, the will will be completely invalidated,” says Bryson. “For a will to be valid it must be signed by the testator, who wishes to give effect to the will by his signature.
“It must be made or acknowledged by the testator in the presence of two or more witnesses present at the same time, and each witness must attest and sign the will in the presence of the testator or acknowledge their signature. If any of those things do not happen, you do not have a valid execution. So, it’s very specific and often people get it wrong, unfortunately.”
This is why seeking professional guidance in this regard can be helpful.
“If your will is professionally drafted and executed by the testator in the presence of his or her attorney, you will have more of a safety net for it,” says Bryson.
4. Digital Assets
“Digital assets in wills are often overlooked, but it’s really important to consider as we live in an increasingly digital age,” says Bryson. “When you’re making a will, I think it’s more common for people to think about their physical assets such as their home, jewellery, property etc, but I think it’s really important to also think about digital assets – such as cryptocurrencies, online businesses, social media accounts and websites – if you want to bequeath these to a certain beneficiary or a specific person.
“Especially if you have a large social media presence, you may want to contribute Instagram For example, an account on someone.”