The 7 Biggest Mistakes People Make In Their Wills, According To Estate Lawyers
Writing a will is something that most people put off for as long as possible. But having a will is important to ensure that your assets are distributed according to your wishes after you die. Unfortunately, many people make mistakes when creating a will, which can lead to confusion and conflict among their loved ones. In this article, we’ll explore the 7 biggest mistakes people make in their wills, according to estate lawyers.
Mistake #1: Not Having a Will
Believe it or not, many people die without a will. This can create all sorts of problems for their loved ones, as the deceased’s assets will be distributed according to state law rather than their personal wishes. It’s important to create a will early on in life, and to update it periodically as your circumstances change.
Mistake #2: Not Including a Plan B
Your will should include a plan B, in case any of your beneficiaries die before you do. This is especially important if you have children, as you’ll want to ensure that their inheritance doesn’t go to someone you didn’t intend.
Mistake #3: Mathematical Mistakes
Believe it or not, simple mathematical errors can cause big problems when it comes to your will. Make sure that all the numbers add up correctly, and that you’ve accounted for all your assets.
Mistake #4: Not Considering the Age of Your Beneficiaries
If you have children or grandchildren who are minors, you’ll need to consider how their inheritance will be managed until they’re old enough to handle it themselves. You might want to set up a trust to ensure that their inheritance is protected and distributed appropriately.
Mistake #5: Not Considering Taxes
Estate taxes can be a big issue for high net worth individuals. Make sure that you’re taking into account any taxes that may need to be paid upon your death, and plan accordingly.
Mistake #6: Choosing the Wrong Executor
Your executor will be responsible for managing your estate after your death. It’s important to choose someone who is trustworthy and capable of handling the responsibilities involved. Make sure that you talk to your chosen executor beforehand to ensure that they’re willing to take on the role.
Mistake #7: Not Communicating Your Wishes
Finally, one of the biggest mistakes people make when creating a will is not communicating their wishes to their loved ones. Make sure that your beneficiaries know what they can expect from your estate, and that they understand your intentions.
If you’re creating a will, it’s important to avoid these common mistakes. By taking the time to ensure that your will is accurate and complete, you can provide your loved ones with the peace of mind they need during a difficult time.