Don't Make These Mistakes When Making Your Will
Many people spend a lot of time thinking about their wills. However, if you make some of the mistakes listed below, it could invalidate your will and make things more difficult for loved ones. Read on for some common mistakes when it comes to will-making and how to correct them.
You Don't Make a Will
Unfortunately, this is the most frequent problem with estate matters. Some may wrongly assume that they don't have enough of an estate to bother with. However, unless an estate falls into the extremely low-value category, a will must be filed in probate court. If there is no will, decisions about your assets will be up to your county probate court to make.
Other people think that they are far too young to worry about a will. However, if you have children, you need a will to ensure that they are cared for by the person you choose rather than the state. Since almost every estate must be probated, do your loved ones a favor and make the probate process easier by making a will.
You Fail to Update Your Will
As your life changes, your will should probably be updated, too. Revisit your will each year and more often if you experience any of the following events:
- Marriages
- Deaths
- Births and adoptions
- Homes bought or sold
- Moves to new states
Since your estate planning lawyer likely has your will on file, making changes is simple and fast.
You Stop Before the Will is Legal
Making a will requires a lot of thought, and some people take their time when deciding on the final draft. However, many set the rough draft aside and forget that it needs to be completed. Once your will is complete, it must be signed with witnesses present. Often, it also must be notarized. A will that fails to meet the state's requirements may be useless, so don't forget to follow up with your estate lawyer and finalize everything.
Not Taking Non-Probated Assets into Consideration
While a will is important, experts often advise people to use several other methods of leaving property to loved ones. A trust, for example, does almost everything a will does, but trusts are exempt from probate. In some cases, an asset will be mentioned by both a will and another non-probated estate vehicle. This can cause confusion and uncertainty. Speak to a will attorney service and learn how you can create a clear and understandable estate plan.