Creating a will is one of the most important steps in securing your family’s future and ensuring that your assets are distributed according to your wishes. However, many people make costly mistakes when drafting a will, which can lead to disputes, legal complications, or even the invalidation of the document. To protect your estate and loved ones, here are some of the most common mistakes to avoid when drafting a will.
1. Not Having A Will At All
One of the biggest mistakes is failing to create a will in the first place. Many people assume they don’t need one because they believe their estate is too small or that their assets will automatically go to their loved ones. However, without a will, state intestacy laws will determine how your assets are distributed, which may not align with your wishes.
2. Using Generic Or DIY Templates
While online templates and DIY wills may seem like a quick and affordable solution, they often fail to meet state-specific legal requirements. Every state has different laws regarding wills, and a poorly drafted or improperly signed document could be invalid. Consulting a wills lawyer ensures your document is legally sound and customized to your unique situation.
3. Failing To Update Your Will
Life circumstances change—marriage, divorce, the birth of children, or the acquisition of new assets should all prompt an update to your will. Many people forget to revise their wills after major life events, which can lead to outdated or conflicting instructions. Reviewing your will every few years with a wills lawyer helps keep it current.
4. Not Naming An Executor Or Choosing The Wrong One
An executor is responsible for carrying out the terms of your will, so choosing the wrong person can create problems. Some people pick a close family member without considering whether they have the time, ability, or willingness to handle estate matters. It’s best to select someone responsible, organized, and ideally with some financial or legal experience.
5. Forgetting To Include All Assets
Many people forget to include certain assets in their will, such as digital assets (email accounts, cryptocurrencies, social media), business interests, or sentimental family heirlooms. Overlooking these can cause confusion and disputes. A thorough estate plan accounts for all assets, including those often missed.
6. Ignoring Beneficiary Designations
As our friends at Silverman Law Office, PLLC can confirm, some assets, like life insurance policies, retirement accounts, and payable-on-death accounts, have designated beneficiaries. If your will contradicts these designations, the beneficiary form typically takes precedence. Always ensure your beneficiary designations align with your overall estate plan.
7. Not Considering Taxes And Debts
Failing to consider taxes and outstanding debts can reduce the amount your heirs receive. Certain assets may be subject to estate taxes or creditors’ claims, impacting their value. A wills lawyer can help you structure your estate to minimize tax burdens and ensure your debts are accounted for.
Drafting a will is a crucial part of estate planning, but simple mistakes can create unnecessary complications for your loved ones. By working with a wills lawyer, you can ensure that your will is legally sound, up to date, and clearly outlines your wishes. Taking the time to draft a proper will today can prevent headaches and disputes in the future.