A Will should be seen as a responsibility towards your loved ones. To ensure that they are taken care of incase something happens to you in the future. Many people delay making a Will as they feel it’s not required “right now”, and as much as we would love this to be the case in reality death is inevitable & unpredictable.
A Will is a legal document through which you can decide and choose who can manage and inherit your estate after you die. Your belongings can range from small, big, expensive to sentimental possessions. Having a proper Will reduces the hassles of litigation for your family, and actually gives the rightful owners their share of inheritance without having to go through lengthy court procedures.
Many DIY Wills have errors that are often not discovered on time & consequently it’s too late to rectify the errors when a death occurs. The risks of writing a Will on your own are as follows:
- Not valid or enforceable
If you skip State specific rules then your Will may not be enforceable. It could be contested or twisted by others easily. This then leads to costly & painfully time taking legal battles for your beneficiaries.
- Unclear terms or specific details missed out
If you have multiple properties or assets then it is advised to draw up a legal Will according to your terms clearly. A legal team would assist you in listing down all your assets & help you to frame all the terms & conditions of the allocation. Ambiguous statements may be contested or interpreted in a way that you may not want it to be.
- Unnecessary burden to family
If your Will is not executed properly it can end up in adding burden to your family later on. Fighting legal battles over your estate could make this experience more traumatic for your family and loved ones.
- No Witnesses
While writing your Will if you don’t have witnesses, or if your Will is not witnessed correctly it can be classed as invalid. If your Will is classed as not valid the state law would govern who will be the beneficiaries of your estate. Having witnesses to your Will is essential so that they can attest to the fact that you only were the one who signed your will.
- Not updating the Will
If there’s any change in the status of your assets or heirs, you should make a new Will with the relevant changes. It may be that over the course of your life time you need to update your Will several times. Any changes in your life circumstances like the birth of a child, death in family, marriage or divorce, or the disposal of assets will require you to update your Will.
Absence of Wills or unclear Wills can create confusion & add more difficulty for your family and loved ones during a rough time. These mistakes can prove to be costly to your family in the long run. So it’s suggested to take help of legal experts who can give you timely advice & updates on the changing laws.
At Aspire we have a dedicated team to look into your Wills & Estate requirements. Consider a quick chat with us to understand the importance & process of creating a Will.
This one step can help in ensuring your family’s future, safety & security.