When drafting a will, there are several common mistakes that you should be aware of to ensure you properly document your wishes and that your will is legally binding.
Here are some pitfalls to avoid:
1. Being too vague or overly specific
When writing your wishes and outlining your asset’s distribution on your will, you have to ensure that it is clear and concise. Being too vague can lead to interpretation issues and being overly specific can cause complications in certain situations, such as if you no longer own certain assets or specific circumstances have changed at the time of your death.
2. Choosing the wrong executor
The executor of your will is responsible for managing your estate and distributing your assets. It is crucial to choose someone responsible, trustworthy and capable enough of handling the duties of the role. Appointing someone based on emotions rather than practicality can cause you and your estate more issues later on.
3. DIY-ing your will without legal advice
While there are many resources available for creating a will on your own, it can be risky to do so without any legal advice. Your will is subject to estate planning laws, which are complex and vary depending on where you live. It is usually beneficial to seek guidance from an estate planning attorney to ensure that your will is valid and complies with the law’s requirements.
4. Not updating your will
One common mistake you may fall victim to is not regularly reviewing and updating your will to reflect current circumstances. Major life events such as marriage, divorce, a child’s birth or a beneficiary’s death, should prompt a review and possible revision of your will.
These are only some of the many mistakes you can do when drafting a will. These mistakes can result in significant and adverse consequences for you, your assets and your beneficiaries. This is why adequate research and proper legal guidance serve invaluable in will drafting.