Creating a will is a crucial step in ensuring that your assets are distributed according to your wishes after your passing. In Uganda, the 1995 Constitution and the Succession Act as amended are the main laws governing will-writing at the moment. It doesn’t stop at writing a mere will as individuals still make common mistakes that can lead to complications or disputes often invalidating the will. Here are ten prevalent mistakes often made when writing wills in, along with suggestions on how to avoid them, so as to ensure wealth preservation and creation of your lasting legacy per your wishes;
1. Not Having a Will
- Mistake: Many people believe that having no will is better than having one, thinking their assets will automatically go to their family.
- Fix: Draft a will as soon as possible to clearly outline your wishes regarding asset distribution.
2. Using Unclear Language
- Mistake: Ambiguous terms can lead to misinterpretation of your intentions.
- Fix: Use clear and precise language. Consider consulting an expert to ensure clarity.
3. Failing to Update the Will
- Mistake: Life changes such as marriage, divorce, or the birth of children may necessitate updates to your will.
- Fix: Review and update your will regularly, especially after major life events.
4. Not Naming an Executor
- Mistake: Failing to appoint an executor can lead to delays and confusion in executing your wishes.
- Fix: Choose a trustworthy executor who understands your wishes and is willing to take on the responsibility.
5. Ignoring Local Laws
- Mistake: Not adhering to Ugandan laws regarding wills can render it invalid.
- Fix: Familiarize yourself with local laws or consult a legal and estate planning professional to ensure compliance.
6. Overlooking Digital Assets
- Mistake: Many people forget to address digital assets like online banking, mobile money accounts and money-generating social media accounts for influencers.
- Fix: Include instructions for managing digital assets in your will.
7. Writing a Will Without Legal Assistance
- Mistake: Do It Yourself (DIY) wills while cost effective, can lack necessary legal language or structure.
- Fix: Seek assistance from a lawyer experienced in estate planning to ensure legality and completeness.
8. Forgetting About Debts
- Mistake: Ignoring outstanding debts can complicate the distribution of assets.
- Fix: Clearly state how debts should be settled before distributions are made.
9. Not Informing Family Members/Friends
- Mistake: Keeping the existence of a will secret can lead to disputes among family members after death.
- Fix: Inform trusted family members or friends about the existence and location of the will.
10. Failing to Sign and Witness the Will Properly
- Mistake: A will that is not signed or witnessed according to legal requirements may be deemed invalid.
- Fix: Ensure that you sign your will in the presence of atleast two witnesses who also sign it, following Ugandan legal requirements.
By steering clear of these common pitfalls in will writing, individuals can safeguard their final wishes and ensure a smooth transition of their assets to loved ones. A well-thought-out and legally sound will minimizes disputes, prevents unnecessary complications, and secures the financial future of beneficiaries. Taking the time to consult estate planning professionals and periodically updating the will to reflect changing circumstances is essential for effective estate planning. Ultimately, a properly drafted will not only protects your legacy but also upholds your commitment to the long-term well-being of your family, preserving your wealth for generations to come.
Disclaimer: This blog post is for informational purposes only and does not constitute financial or legal advice. Always consult with a qualified professional for personalized guidance.
