Planning your will is a very crucial step in securing your legacy and ensuring your assets are distributed according to your wishes. However, you should know that certain items can complicate the process or even render parts of your will invalid. To help you avoid legal pitfalls and provide peace of mind for both you and your loved ones, here are a few things you shouldn’t include.
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Funeral Instructions
While it might seem logical to include funeral plans in your will, these documents are often read after the funeral has taken place—which means they won’t be followed. Instead, you want to communicate your funeral wishes separately to your family or include them in a letter of instruction. By doing this, you ensure your preferences are known and can be followed promptly.
Jointly Owned Property
Property held in joint tenancy automatically passes to the surviving owner upon your death. When you include such assets in your will, you inevitably create confusion and legal conflicts. It’s important to understand how joint ownership works to avoid unintended consequences, and you can do this by consulting with a legal professional that specialises in jointly owned assets.
Life Insurance Proceeds
Life insurance policies already have designated beneficiaries, so including them in your will is unnecessary. Know that attempting to redistribute these proceeds through your will can lead to disputes. If you have any new intentions with these, simply update your policy’s beneficiary designations rather than trying to modify them using a will.
Illegal Requests
You should also understand that including instructions that require someone to perform an illegal act will render that part of your will invalid. Such provisions will even bring legal scrutiny to your entire estate plan, and to keep your will entirely enforceable, it’s essential that you keep all requests within the bounds of the law.
Conditions on Marriage or Divorce
Also, placing conditions on inheritances based on marriage or divorce can be problematic. For instance, there are times courts may view such stipulations as attempts to control personal decisions, potentially invalidating them. This is especially when the clause in the will is restrictive. Instead, focus on positive incentives or discuss your concerns directly with your beneficiaries to avoid legal issues.
Personal Letters or Messages
While heartfelt, including personal letters or messages in your will isn’t advisable. Why? Well, these documents will be part of the public record during probate, and because of this, you risk exposing private sentiments or information to an unintended audience. Always consider writing separate letters to your loved ones to maintain privacy and ensure your messages are received personally.
Digital Passwords and Accounts
It shouldn’t be difficult to see why listing digital passwords in your will can lead to security risks, especially considering how publicly a will is read. On another note, passwords may change frequently, and the information you provide simply becomes outdated. To manage your digital assets effectively, it’s better to use a secure digital legacy service or maintain a separate, confidential list.
Property Outside the UK
Now, things can get spicy here. You always want to cover property you have overseas in a will. However, you should know that assets located in other countries may be subject to different inheritance laws, and including them in your will in the UK could create legal complications. It’s advisable to consult legal experts in the respective countries to draft appropriate—preferably separate—wills that comply with local regulations.
Designations for Pets
Pets are considered property (more commonly called “personal effects”) under UK law, and this simply means that they cannot inherit assets. Moreover, including them in your will doesn’t even ensure their care. What’s better is for you to establish a pet trust or make arrangements with someone willing to care for your pet and also provide this person with funds separately to cover expenses.
Retirement Plan Assets
It’s also important to know that all retirement accounts, like pensions, have beneficiary designations, and these designations always supersede your will. You only cause confusion when you include them in it. Like with life insurance proceeds, ensure your beneficiary forms are up-to-date to reflect your current wishes more accurately and consult with a financial advisor for comprehensive planning.
Gifts to Minors Without a Trust
Leaving assets directly to minors can create legal hurdles, as minors cannot own property outright. If you aren’t willing to specify a trustee for your children in your will (which we advise against), simply avoid making designations directly for your underaged children. The court eventually appoints a trustee for them during proceedings.
Assets Held in a Trust
You should know that assets placed in a trust are managed according to the trust document and not your will. You’re simply being redundant by including them in your will when all you have to do is ensure your trust is properly structured and updated to reflect your current wishes.
Sentimental Items with No Monetary Value
While meaningful, you potentially complicate the probate process when you include numerous sentimental items in your will. It’s better to consider distributing these items before death or documenting your wishes separately. With this approach, you don’t just prevent delays in settling your estate; you reduce legal fees too.
Medical Directives and Organ Donation Instructions
Wills are often read after urgent medical decisions need to be made, and this means including medical directives or organ donation wishes in them is largely ineffective. Always use separate legal documents, like a living will or donor card, to communicate your preferences promptly to the relevant parties involved.
Property Already Given Away
It’s also easy to see how including items you’ve already gifted can cause confusion and legal disputes in the future. Always keep your will updated to reflect the current ownership of all your assets, as these regular reviews of your estate plan help ensure accuracy and prevent misunderstandings.
Tax Planning Strategies
Lastly, know that, although helpful, complex tax strategies do not belong in a will. Tax laws can change, and including detailed instructions might limit flexibility in meeting them. What you can do is designate financial advisors to implement tax planning outside of your will, ensuring the most effective strategies of that time are in place.
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