We all know that a will is one of the most important documents in our lives. It is the simplest guarantee that all your wishes will be honored after your demise. Unfortunately, many people don’t leave a will, either because they keep postponing the act or are too afraid to accept that they’ll die one day.
A will might not make it easy for your loved ones to accept your death. However, it ensures that their future is secure. Out of ignorance, many people make simple mistakes that become a nightmare after their demise. This article guides you on common mistakes to avoid when writing a will.
1. Not Updating Your Will
Creating a will is never fun. Therefore, we tend to ignore it and never go back to it once filed. But the will is only useful if it correctly reflects your current life and those in it. A will is supposed to change as your circumstances change. It is advisable to review a will after every three to five years. You can also review it after a notable change in your life like;
Moving to a new state
Getting married or divorced
Birth of a child
Buying a new property.
2. Not Considering All Assets
Many times, people tend to consider their tangible assets when writing their will. However, they forget to mention their digital assets, like online banking and social media accounts. Before filing a will, it is advisable to list all your properties and decide how you want to distribute them. Ensure you include even the digital assets.
3. Appointing the Wrong Executor
Executors administer your estate after you’ve passed. They have the power to execute your wishes as indicated in your will after your demise. Many times, people choose a close family member or friend as an executor. Alternatively, you can appoint a professional executor (a solicitor). Unfortunately, some people forget to name the executors of their will. This forces the court to appoint an executor who might not be your preferred choice.
4. Making Inconsistent Bequests
Inconsistent bequests occur when assets are left to multiple people, making it difficult to divide them fairly. This can hurt your loved ones or lead to disputes among beneficiaries. To solve this, have a clear and consistent bequest. You can also divide the assets equally to avoid conflicts.
The best solution for writing a binding will is working with a professional. At Beckstrom & Beckstrom, LLP, we deliver clear and expert counsel for a seamless legal journey. Contact us today and make a reliable will with our professional assistance.