Common Mistakes in Wills

1. Not leaving a Will – 40% of people don’t have a Will and their assets are distributed according to Australian State Laws.

2. Not keeping your Will up to date – review your Will if your financial circumstances or plans change, if you divorce, marry, or have children,
- also review your Will when an Executor dies or becomes unable to act, and
- also review your Will if a beneficiary (someone who is left a gift in the Will) dies.

3. Not providing for dependants – if you leave someone out of your Will, you should make it clear in your Will why this has been done.

4. Being ambiguous – this leaves your Will open to dispute.

5. Not specifying debts to be paid – beneficiaries can be unintentionally liable for the debt.

6. Not taking into account tax – tax might be payable on any assets sold.

7. Writing an informal Will – lists and letters may be treated as an informal Will, creating delays and anxiety.

8. Not nominating guardians – for children or a spouse or adult children who need constant care.

9. Using beneficiaries as witnesses – others could argue it influenced your decision.

10. Leaving assets in your Will not owned by you – for example, assets in a family trust, self-managed super fund, business or partnership.

11. Assuming your superannuation will bypass your Estate – you can make a binding nomination that ensures it goes to dependants, etc.

12. Not telling people where your Will is located – tell your Executor and at least one other.

13. Not making provisions for a residue – if your assets continue to grow.

14. Not granting adequate powers to Executors – for example, the selling of assets, making investment decisions, and disbursing superannuation proceeds.

15. Appointing someone with a potential conflict of interest as Executor – such as a business partner who may wish to buy your share of the business.

Short Guide to Making a Will
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