Drafting a legally binding will that states your wishes is important to ensure your estate is handled correctly. Even if your will gives you the power to distribute assets and provide for loved ones, you should not include some things for legal or practical reasons.
Read on for things you should never include in your will.
Conditional Gifts.
Conditional gifts are where you provide something to a beneficiary in exchange for their meeting a criterion after your death to inherit it. For example, you may suggest your brother can only get his share if he graduates. Unfortunately, these requirements cannot be enforced after death. Conditional gifts are often unenforceable. If you want to condition behaviour incentives while alive and can manage it, use a living trust or make an unconditional donation.
Unsuitable Property
Only fully owned property in your name can be distributed by will, and you can never give away non-estate property. Incredibly, this error happens more often than you think. Listing gifts for your spouse or kids that contain company property you hold stock in may cause issues. In addition, your will cannot transfer shared property.
Unconsented Executor Appointment
Designating someone as an executor without their consent is another thing you should never do. Not everyone has the time, willingness, or ability to dedicate to estate settlement. Unauthorised appointments could upset planning and end in executive resignation, which can be very complex. Always get authorisation and advise an executive of your plans to ensure they are ready to serve.
Requesting Illegal or Unethical Things
Immoral or illegal use of a will can invalidate it and expose your estate to legal consequences. Examples of this are:
- Requesting property destruction upon death may contravene waste standards and public policy.
- Giving gifts for criminal or antisocial activity is illegal.
- Words that encourage violence or discrimination must also be avoided.
Therefore, never include illegal or unethical requests in your will. Protect your legacy from legal issues over inadequate will provisions by following valid distribution wishes.
Unclear Beneficiaries
Do not include ambiguous beneficiary descriptions in your will. If you fail to designate your intended beneficiaries correctly, your executor may have trouble determining the true inheritance recipients. Complete legal names, contact information, addresses, and relationship type are essential. Without explanation, “To my friend, Bob” could refer to several people, causing misunderstanding. Provide clear descriptions to avoid confusion.
You can create a legal document that achieves your estate planning goals by excluding the above provisions from your will. Your will offers you a lot of authority, but it has practical and legal limits.
To inquire about drafting a will, get in touch with Braintree Wills.