Writing a will is one of the most important steps in estate planning. A will ensures that your wishes are honored and your assets are distributed to the rightful people after you pass on, helping you secure your family’s future and put your estate to good use.
Making a will is relatively simple, especially with the help of an attorney, but there are certain mistakes that people make while writing their will. Here are some examples that you should avoid:
1. Not choosing the right lawyer
When you’re dealing with an 831(b) insurance, go for an experienced 831(b) lawyer. When writing a will, get a lawyer that specializes in wills and trusts. Choosing the right lawyer for the job is of utmost importance, not only to ensure that your will is written with zero errors but to also broaden your knowledge about the legal aspects of estate planning.
Moreover, having the right lawyer by your side will make the rest of the estate planning process easier, which involves trusts, SPAs, and other legal matters.
2. Not updating your will
After every significant event in your life, such as weddings, births, divorces, or deaths, review your will and update it. Failure to do so can leave your estate in the wrong hands if you die before making any necessary updates. For example, if you get remarried without updating the beneficiaries on your will, there may be a dispute on which spouse receives your assets if you pass away unexpectedly.
3. Ignoring your digital assets
Digital assets include your social media accounts, bank logins, cloud data, emails, and cryptocurrency such as bitcoin, to name a few. If you want these data to be used by your family members after you die, you must specify so in your will. Otherwise, they may not be able to close your online accounts, access photos and videos that hold sentimental value, or claim any financial assets that are stored online.
4. Forgetting about guardians
If you are a parent, make or update your will as soon as your child is born. Specify who should take care of them if both you and your spouse become incapacitated or pass away before the child turns into a legal adult. This way, you can rest assured that a person you trust will take care of your child if anything happens.
You can do the same for pets. You can specify who you want to adopt your pet if you don’t want them to end up in a shelter.
5. Failure to make exclusions
Don’t forget to specifically exclude people that you don’t want to benefit from your estate, even if they have a legal claim to do so. Specify their name and the reason you don’t want them on your will. If they contest your decision after you pass, it’s up to a judge to decide whether their legal claim must be honored or not.
Of course, the biggest mistake you can make is not writing a will at all. Don’t put your family through possible disputes and legal problems after you pass away. Make a will before it’s too late. And as you’re doing so, remember not to commit these mistakes.