Creating a will is one of the most important things you will do in your life as it will determine what happens to everything from your children to your assets when you die.
To coincide with National Do Your Will Month, State Trustees, a Victorian business that provides Will Writing and Will Services, Powers of Attorney, Executor Services and Trustee Services has outlined some of the most common mistakes people can make when drafting their will.
State Trustees Executive General Manager of Trustee Services, Michael Spiegel, says that having a clearly written will is key to not leaving a mess behind for your loved ones.
“Although they may seem small, mistakes in your will can lead to confusion and conflict
when you pass. Some mistakes can also invalidate the legality of your will,” says Mr Spiegel. “Here are the most common mistakes people make when drafting their will.”
Forgetting to sign and date your will
For your will to be legally valid, it must be signed and dated in the presence of two witness who are required to be 18 years or older. They are not allowed to be a beneficiary or a spouse of domestic partner of a beneficiary or their spouse or partner may be disqualified from receiving a benefit under your will.
Stating personal details incorrectly
While it may sound small, stating personal details incorrectly on your will is very common. Make sure you state your full name and address. If you are known by more than one name, then you should include the other names to avoid confusion. The beneficiaries should also have their full legal names stated in your will.
Appointing an executor who isn’t willing to act
Occasionally, the executor you appoint is unwilling or unable to act. Unless you have appointed a public trustee organisation or a licensed trustee company, it is recommended that there be a substitute executor in case the individual you have appointed or both of the co-executors named, are unable or unwilling to act.
Forgetting assets or not clarifying ownership of assets
If you own significant assets, such as a house, property or car, you need to correctly identify whether you own this asset independently or with someone else, (for example: a spouse or business partner). If you don’t, it can complicate the will proceed.
Not storing the your correctly
Lots of people don’t place their will in a safe spot, or they forget to tell their loved ones where they’ve stored it. When you have signed your will, you need to keep it in a safe place where it won’t be lost or damaged. It is also important to tell your family and the executor named on the will where to find it. If you complete your will with State Trustees, you can store your will safely at the State Trustees Victorian Will Bank.
For more information on State Trustees and its Will Services, head to https://www.statetrustees.com.au/
