Wills explained: common mistakes and essential tips

IN addition to the better-known aspects about having a will such as actually having a legally valid one some other, less understood items are important to note when deciding how best to distribute your estate after death.

- NICOLA MAWSON

A will is a must because otherwise your assets will fall subject to the vagaries of the legal system, and distribution will happen according to certain predetermined calculations. Apart from this situation, most likely not being your wish, it also means the process can be held up endlessly in the court process.

When determining how best to bequeath your assets, such as whether to set up a trust, it's always a solid idea to speak with an expert in this field. They can guide you on the technicalities (appointing an executor, ensuring that your will is a valid legal document, among others) as well as the more financially tricky parts, such as the fact that life policies are not included in your estate and need to be dealt with through a separate process.

Personal Finance has pulled together some aspects from case law as well as experts, which are full of little oddities that may not necessarily come up when you consult with a financial planner, bank, or lawyer about setting up a will.

Faeeza Khan, senior legal specialist at Liberty, points out that a massive mistake some people make is not signing a will. Other nitty-gritty details she provides include that wills must be in writing (even handwriting) and witnessed by people no younger than 14 and who are "of sound mind".

Spacing of the signature can make all the difference. In