Making a will is one of the most important steps you can take to protect your family and ensure your wishes are respected after your death.
Despite this, many people delay preparing a will or assume that their estate will automatically pass to the people closest to them.
Unfortunately, this is not always the case.
Without a valid will, your estate will generally be distributed according to the intestacy rules, which may not reflect your personal wishes.
Even where a will exists, mistakes in its preparation or execution can create uncertainty, disputes and unnecessary expense.
At Penerley Solicitors, we help individuals and families plan for the future through clear and carefully considered estate planning advice.
1. Not Making a Will at All
One of the most common estate planning mistakes is failing to make a will.
If someone dies without a valid will, they are said to have died intestate.
In England and Wales, the intestacy rules determine who inherits their estate.
These rules prioritise certain relatives according to a statutory order.
Importantly, an unmarried partner does not automatically inherit under the intestacy rules simply because the couple lived together for many years.
This can create serious difficulties for surviving partners, particularly where property or other significant assets are involved.
Preparing a valid will allows you to specify who should inherit your estate, subject to any applicable legal claims.
2. Assuming Your Spouse Automatically Inherits Everything
Many married couples believe that the surviving spouse will automatically inherit the entire estate.
However, this is not always correct.
Where someone dies intestate leaving a spouse or civil partner and children, the distribution depends on the statutory rules and the value of the estate.
The surviving spouse may inherit personal possessions, a statutory legacy and a share of the remaining estate, while children may also be entitled to inherit.
Certain jointly owned assets may pass outside the estate, depending on how they are held.
A properly drafted will can provide greater certainty and help ensure that your intended beneficiaries are appropriately provided for.
3. Failing to Update Your Will
Life circumstances change, and a will that was suitable several years ago may no longer reflect your wishes.
Marriage, divorce, the birth of children, property purchases and changes in financial circumstances can all affect estate planning.
In England and Wales, marriage or civil partnership generally revokes an existing will unless a relevant exception applies, such as a will made in contemplation of that marriage or civil partnership.
Divorce does not ordinarily revoke the entire will, but it can affect provisions relating to a former spouse.
It is therefore sensible to review your will following significant life events.
Regular reviews can help prevent unintended consequences.
4. Choosing the Wrong Executors
Executors are responsible for administering your estate and carrying out the instructions contained in your will.
Their duties may include identifying assets, dealing with liabilities, handling tax obligations and distributing the estate to beneficiaries.
Choosing an executor is therefore an important decision.
The person selected should be trustworthy, organised and capable of managing potentially complicated responsibilities.
It may also be sensible to appoint more than one executor or provide for substitute executors.
In some circumstances, appointing a professional executor may be appropriate.
5. Not Considering Children or Dependants
Parents should consider what arrangements they wish to make for their children if they die.
A will can include the appointment of testamentary guardians for children under 18.
However, the legal effect of such an appointment depends on the circumstances, including whether another person with parental responsibility survives.
Parents should also consider how assets intended for children will be managed.
Trust arrangements may be appropriate where beneficiaries are young or require additional support.
Careful planning can help ensure that assets are managed responsibly and in accordance with the testator’s intentions.
6. Incorrectly Signing or Witnessing a Will
Even a carefully drafted will can create problems if it is not executed correctly.
Under the ordinary rules in England and Wales, a valid will must be in writing and signed in accordance with the statutory formalities.
Generally, the testator must sign or acknowledge their signature in the presence of two witnesses who are present at the same time.
The witnesses must also sign or acknowledge their signatures in the testator’s presence.
Witnesses should be independent.
A gift to a witness, or to the witness’s spouse or civil partner, may be invalid even where the remainder of the will is valid.
Professional assistance can reduce the risk of mistakes that might otherwise cause difficulties after death.
7. Forgetting About Business Interests
Business owners should consider how their business interests will be dealt with after their death.
Shares, partnership interests and other commercial assets may require particular attention.
The terms of shareholder agreements, partnership agreements or company constitutional documents may also affect what happens to those interests.
A will should therefore be considered alongside the relevant business arrangements.
Without appropriate planning, a business owner’s death can create uncertainty for family members, business partners and employees.
8. Overlooking Inheritance Tax and Estate Planning
Inheritance Tax can be an important consideration, particularly where an estate includes property, investments or business interests.
The amount payable depends on the estate’s value, available exemptions, reliefs and individual circumstances.
Certain gifts made during a person’s lifetime may also be relevant.
Estate planning should therefore consider more than simply identifying beneficiaries.
Professional advice can help individuals understand the potential tax implications of their arrangements and whether appropriate reliefs may be available.
Why Professional Will Drafting Matters
Although it is possible to prepare a will without instructing a solicitor, professional assistance can be particularly valuable where family or financial circumstances are complicated.
Examples include blended families, overseas assets, business ownership, vulnerable beneficiaries and potential inheritance disputes.
A solicitor can help ensure that your wishes are clearly recorded and that the will is prepared and executed correctly.
How Penerley Solicitors Can Help
At Penerley Solicitors, we understand that estate planning is about protecting the people and interests that matter most.
Our wills and estate planning services are designed to help clients make informed decisions and prepare for the future with confidence.
Plan Today, Protect Tomorrow
Do you need to make a will or update an existing one?
Contact Penerley Solicitors to discuss your estate planning requirements and how we can help protect your wishes.
