The last Will is a legal document that allows individuals to express their last wishes and leave instructions regarding the fate of their estate. Creating a will is the preliminary step of estate planning, and everyone can benefit from it, regardless of the value or size of their estate. Drafting the will might appear to be a simple task, but you have to fulfill certain requirements to make it legally enforceable. The last will is going to be one of the most important documents you prepare during your lifetime, so do it rightly by avoiding these common mistakes:
1. Overlooking assets
Your assets are not limited to your bank accounts and real estate titles. Everything belonging to you is part of your estate. This may include collector’s items, art pieces, family heirlooms, automobiles, jewelry, and many other things having financial and/or emotional value. It is necessary to create an inventory of everything you own, in order to ensure equitable division and distribution of property.
2. Choosing someone from immediate Family as a Witness
Most states require a person to finalize the last will in the presence of two witnesses that shall provide their signature for verification. Keep in mind that none of the witnesses can be family or anyone listed as a beneficiary. The individuals you designate as witnesses should be legal adults who do not benefit from your estate in any way; otherwise, the will can be rendered invalid.
3. Failure to appoint a Guardian(s)
Minor children, parents, or any other elderly/incapacitated relative that you support emotionally and financially are your dependents. Your dependents will require adult supervision and care to survive after your demise, so do not forget to make appropriate arrangements for them. You can protect the future of a dependent by appointing a trustworthy legal guardian to take your place and look after them. This is important because the person selected by probate court might not be the right choice for undertaking this responsibility.
4. Not designating an Executor of Will
The executor of will is a person you can rely on to carry out your last wishes, as well as manage all the financial affairs of your estate. This person can be a member of immediate family, or someone you trust even more than family. If the name of a personal representative is not specified in the will, the probate court will appoint an administrator on their own accord.
5. Forgetting to address debt and taxes
Even though matters of inheritance are of utmost importance, you must not forget about the money you owe to other people or organizations. When evaluating your assets, do not forget to set aside a sum that can cover all your debt and compensate creditors. If you don’t issue directives for paying off debt and taxes, law enforcement will take charge. Your beneficiaries will only get whatever is left after reimbursing these dues.
6. Modifying the Will after it has been signed
Once the will is finalized and signed, you cannot informally change it whenever you want. If you need to make amendments, you will have to implement a legal procedure called ‘codicil’. The alternative is to discard or cancel the old will and create a new one to replace it.
7. Failure to safe-keep the original copy
If the original copy of your will is not found following your death, this can create problems. A copy of the will may not be deemed genuine and enforceable. As a result, the fate of your estate will rely on intestacy and your last wishes will not be heard.
8. Leaving an outdated Will
It is crucial to update your will whenever the circumstances require you to. You should review your will at least once a year and determine if you want to keep it that way. For example, you might lose a loved one, have another child, remarry, or simply change your mind about who you wish to include as a beneficiary of your estate. If you do not renew the will accordingly, your loved ones may suffer the consequences.
9. Not making your final wishes clear
It is recommended to be clear and specific in your will. Do not leave anything to imagination or provide vague instructions that could easily be misinterpreted. You do not need to go into lengthy details, but provide enough information to properly convey what you want. If the writings do not make sense, the confusion may cause family conflict and legal disputes.
10. Not consulting a professional
Most people do not know if they need a simplistic or comprehensive estate plan. They are unfamiliar with their state’s family estate planning laws; yet, assume that a DIY approach shall work fine. As a result, they create a will document that is null and void. You must consult Estate Planning Attorney in Torrance, CA, to understand your unique estate planning needs and draft a will that can override intestacy.
