Before knowing the mistakes to avoid, first, let us take a look at what is a will? It is a legal document that puts down your wishes about the distribution of property and minor children’s care. A person dying without a will might not have these wishes fulfilled. Also, the heirs would be spending additional money and time to settle your affairs. The wills vary in their effectiveness. However, it is impossible to resolve every issue arising from your death. It is time to take a look at the mistakes that are very common while writing your will.
- Not making a will
One of the biggest mistakes while planning your estate is not having a will. No one can plan their death no matter how smooth their life is. You need to make your will in your 50s or even earlier, if possible. You should also consider this if you are anticipating trouble over the inheritance. Your heirs would have to spend a lot of time and money and be harassed to claim something that could be simply left to them through a will.
- Never updating your will
If you experience a major change in your life or your financial circumstances, it will become necessary to revisit the will. If you do not do that, the will might be left to unintended inheritances and bequests. This would make your estate one big mess. Also, you need to name the guardians for your minor children in case both the natural parents die. Not only does the will make the transition easy, but it will also help avoid gift tax as the government does not claim taxes on inheritance. You need to know how to save tax through a will.
- Drafting an incorrect will
It is possible to draft the will by yourself or through the help of a lawyer. With no regard to where you get it done, you need to make the will properly. If a will is not precise with the details, it can be contested in the court. All the essential personal details need to be mentioned clearly. Assets and beneficiaries need to be mentioned. Also, the will needs to be signed in front of two witnesses. The signature validating the will is the most authentic detail.
- Not having a proper executor
One of the most common mistakes is selecting the wrong executor for the will. A lot of people elect someone from the same age bracket. Also, choosing someone as the executor who does not have your best interests in the heart might be the wrong move. It is important to select someone who is much younger. Also, many people mistakenly appoint their minor children as executors. These mistakes simply would not do.
- Passing assets to minor children
Even if you are choosing to pass on your wealth to your minor children, you need to appoint a guardian. The court is bound to be involved if the assets are inherited by minor children without a valid guardian.
These are some of the mistakes that are very common in wills. You would want to avoid them.