Why You Shouldn’t Leave Your Will to the Last Minute
Planning for your Will can be a sensitive subject that some choose to avoid. Ultimately, it is one that you shouldn’t put off. Yet, some of us still leave making and updating our Will to the last minute, which can leave our family and beneficiaries confused and frustrated. Especially if you’re sick or near death. During this time your loved one’s emotions are high, and they can act irrationally causing potential mistrust amongst the family and challenges to your final wishes.
The risks of creating a near-death Will
Allegations of incapacity: A legal test is required for the testator (Will maker) to see if they have capacity to make rational changes to their Will, or to create one. Most people who make changes to their Will close to end-of-life are older or have significant health conditions. Thus, their cognitive awareness is not the same and they may lack the needed mental capacity to fully appreciate the consequences of creating or changing the Will.
Allegations of undue influence: Unfortunately, people can be influenced by caregivers, family members and even new “friends” with ulterior motives if they don’t have a strong community of friends and family around them. These people and other family members might influence the testator to get a larger share of the estate.
Allegations of not fully understanding: When a Will is done in a short timeline, or during a crisis, the testator may not appreciate and understand the full terms of the Will. Even if they have legal capacity, people can be aware and later forget details of their Will due to their medical situation.
Mitigating the risks
If you find yourself in a situation where you are making a last-minute Will, seek professional advice from an estate lawyer. Lawyers who specialize in estate law have experience in assessing capacity, ensuring there’s no undue influence, and documenting what’s happening in the moment. All of which helps to protect your executor and loved ones.
Be mindful of those around you to help prevent undue influence. Taking notes of family dynamics and journalling can benefit you when planning and helps to prevent being taking advantage of later.
Prepare your Will during a non-crisis situation—you’ll be able to comprehend every detail and make thoughtful decisions. An estate lawyer can guide you through the process and online tools where you can create a digital Will can be a quick and cost-effective starting point if you’re unsure of where to begin.
For more on this topic, listen to the What if I leave my Will to the last minute? episode of the Matter’s Beyond Wealth podcast.
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