4 Most Common Mistakes when Drafting a Will

4 Most Common Mistakes when Drafting a Will
  • Opening Intro -

    One of the reasons why most people put off estate planning is because nobody wants to talk about their mortality.

    However, preparing a will plays a very important role in ensuring proper financial planning. A will also helps your family not have to fight and argue over the details of your estate.

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You will find the process of writing a will to be quite straightforward if your estate is small. When you have accumulated a significant amount of wealth, your situation gets a little complicated. These common mistakes can invalidate your will. Avoid them in order to protect your loved ones from unnecessary strain.

Not Following the Legal Formalities

There are a number of legal formalities that you must keep in mind when you draft this legally-binding document. Not following these formalities may mean that the will is invalid. Failure to follow them will make it harder for your loved ones when you pass on. In case your will is rendered invalid, your executor and loves ones will have to seek the services of a probate lawyer to help transfer your property. Leon J Teichner & Associates, P.C. and similar law firms can give you professional consultation on your particular case.

Leaving out Certain Assets

You will have a say in how your possessions are divided up if you craft a solid will. The will can also help in avoiding any disputes that could arise in the process. If you leave certain assets out of your will, they will become subject to the laws of the state. It is important to take your time when drafting the document. Be sure that you include even small assets to avoid infighting due to ambiguity. Your family will thank you for it.

Not Signing the Will Properly

While this may seem like a small issue, it is one of the most common mistakes people make when writing their wills. You must sign the will with a proper witness to avoid regulators rendering the will invalid. If want to ensure the financial security and peace of mind of your loved ones, you should request the services of a professional drafter. This will go a long way in making sure that everything is in the right place. Otherwise you will need to do plenty of research and take your best shot on your own.

Forgetting to Update the Will

There are a number of situations that will lead to a change in your circumstances, making it necessary to update your will. When you get married, get a child or divorce, updating the document will help you to avoid unnecessary problems when you pass away. Try to update your will at least every three years.

With the important role that this legal document plays in estate planning, you should remember to appoint the right person as executor. If you have young children, it would be important to name a guardian who will ensure that they are taken care of by drafting a will.

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Last update on 2018-12-13 / Affiliate links / Images from Amazon Product Advertising API

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Categories: Estate Planning