Common Estate Planning Mistakes People Make

Updated: Jan 17

As state planners, we have witnessed the consequences of many mistakes - from not making a Will to choosing the wrong executor, we’ve seen it all! We thought that we’d share some of the most common mistakes people make, so that we can help you avoid making the same ones…

1. Thinking you’re too young to have a Will

This is something that so many people think! Unfortunately, even though it’s less likely at a young age, death can happen to anyone at any time. Failing to prepare simply because you’re young can cause so much chaos for your loved ones.

2. Not updating your Will

Unfortunately, once you’ve created your Will you can’t just put it out of your mind forever - it’s an ongoing process. It needs to reflect your current assets, relationships and situation.

3. Not including information about your digital assets

Forgetting to leave details for any digital assets is all too common. It can cause mayhem for loved ones who are left trying to gain access. They are often discovered at a later date, causing them to be neglected for a long period of time. If you have any digital assets, we recommend that you store a list with your Will. This could include any online only accounts, or cryptocurrency login details.

4. Appointing the wrong executor

Many people opt for a close family member when it comes to appointing an executor, which is absolutely fine! Just make sure you discuss the responsibilities involved with them, and ensure they’ll be able to handle everything efficiently.

5. Creating a DIY Will

We have seen so many nightmares when it comes to people making DIY Wills! Unfortunately, whilst it may seem like the easy option, they can end up not being legally binding. So many DIY Wills aren’t signed correctly, whether that’s in the wrong place, undated or signed by the wrong people. This ultimately invalidates your wishes and means that rules of Intestacy will apply.

Get in touch today to see how we can help you make an estate plan.