Avoid Family Financial Disasters: Advice from Experienced Attorneys

Avoid Family Financial Disasters: Advice from Experienced Attorneys

Writing a will is an important task that everyone should prioritize. It ensures that their assets and possessions are distributed according to their wishes after their passing. However, there are many mistakes that people make when creating a will, and these mistakes can cause problems for their loved ones in the future. To help, estate lawyers have identified the seven biggest mistakes that people make in their wills.

1. Failing to update their will: One of the most common mistakes people make with their wills is failing to update them regularly. Life circumstances can change, such as a new addition to the family or a change in marital status. It’s essential to update the will to reflect any significant changes.

2. Not naming a backup executor: Appointing an executor is a crucial decision in a will. However, if the appointed executor is not able to fulfill their duties, it’s important to name a backup executor as well.

3. Not considering all assets: Many people forget to consider all their assets when creating a will. Some assets, like retirement accounts and life insurance policies, don’t pass through a will and require a separate beneficiary designation. It’s important to ensure all assets are accounted for and distributed accordingly.

4. Naming the wrong beneficiaries: It’s crucial to name the right beneficiaries in a will. Ensure that all beneficiaries are specific and correctly named to avoid any misunderstandings or disputes.

5. Not considering family dynamics: Family dynamics can be complex, and it’s important to consider these dynamics when creating a will. Factors such as strained relationships, second marriages, and blended families all need to be taken into account.

6. Failing to make specific bequests: Many people overlook specific bequests when creating a will. Bequests are gifts of personal property and assets that are left to specific people. Ensure that all bequests are outlined in the will.

7. Leaving funeral instructions out: Finally, many people forget to include funeral instructions in their will. It’s important to layout their specific wishes for burial, cremation, or other funeral arrangements.

In conclusion, creating a will is an essential task that requires careful consideration and planning. The seven mistakes identified by estate lawyers are common, but they can be avoided with careful consideration and attention to detail. By avoiding these mistakes, individuals can ensure their wishes are met and their loved ones are provided for.

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Written by Dustin Gandof

Dustin Gandof is a writer for BeGitty, a website about news and entertainment. He is interested in a lot of things including the production of music. In college, he studied at North Carolina State University.

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