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While drafting a DesireThoughts become important naturally Property qualities like, bank accountsAnd cherished family heirlooms.
However, important small details are often overlooked, potentially leading to significant complications in the future.
Michael Moore’s senior colleague Emma Bryson disputed wanted And the estate team has identified four common omissions that often slip people’s minds Desire-writing process.
Addressing these often forgotten elements can cause a lot of confusion and stress for loved ones in the future.
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.
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“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
your outline last rites And the 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 will 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 last rites Or the burial wishes cannot be executed.”
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.”
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 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 sign the will or acknowledge his signature in the presence of the testator.
“If any of those things don’t happen, you don’t have valid execution. So, it’s very specific and unfortunately often people get it wrong.”
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.” Property is often ignored in wanted But it’s really important to consider as we move into an increasingly digital age,” Bryson says.
“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.”