So, you`ve made your Will and decided who the beneficiaries should be and what gifts or legacies you wish to leave them.
How many of you are aware of the all-too-common problems and pitfalls that can occur?
You may no longer own the gift at the date of your death. For example: “I leave my Volvo Car “if you no longer own a Volvo Car or even own a car at the date of your death the gift will fail and your chosen beneficiary will lose out on their gift.
The wording of the gift in your Will may be too vague. Far better to include a clause such as “I leave any car which I own at the date of my death “. This would mean the gift wouldn’t fail even if you changed your car several times before your death.
Another example of a poorly written clause in a will; “I leave my favourite ring to my granddaughter”. What if you have several rings and no one knows which is your favourite. Worse still you have several granddaughters! Here we can clearly see the problem of being too vague when providing for gifts in your Will.
A final example is with pecuniary legacies where you leave a sum of money to a beneficiary. Such as, “I give £2,000 to my sister “, if you no longer have enough money in your estate when you die the gift will fail.
A further problem occurs if the beneficiary has predeceased i.e., died before you, then generally the gift will then fall into the residuary estate. So, using the previous example if your sister dies before you perhaps you would want the £2,000 gift to go to her children, you will would need to contain a clause to instruct this.
It is sensible to carefully consider all of these issues when it comes to drafting your Will, and this is why it makes sense to speak to a professional.
We are here to help provide our professional expertise, providing guidance to ensure your Will is clear and concise and protecting legacies for your loved ones.