It is often said that one of the biggest mistakes one can make is not to have a will at all. However, the real mistake is to have a will that is not legally valid. A will is a legal document that outlines your wishes for how your property and possessions should be distributed after your death. Making a mistake in your will can invalidate it.
If you die without a will, the state will determine how your assets will be distributed and who will raise your children if you have any. Making a mistake in your will can lead to years of litigation. That’s why it’s important to be clear and concise in your will to avoid any ambiguity.
There are a few common mistakes that people make when drafting their will. This article will explain some of those common mistakes and how to avoid them.
- Not Updating The Will Regularly
One of the most common mistakes people make when making a will is not updating it regularly. Life circumstances can change rapidly, and your will should reflect those changes. If you don’t update your will, you run the risk of your assets being distributed in a way that doesn’t reflect your current wishes. For example, if you have a child after you make your will, you’ll need to update the document to include that child. If you don’t, that child could be left out of your estate plan entirely.
Despite its importance, it’s a fact that the process of updating the will can be time-consuming and expensive. But fortunately, you have the option of making online wills to make the process easier and more affordable.
Online will services allow you to make changes to your will anytime and anywhere in the world. Plus, online will services are often much more affordable than traditional will-writing services. So, if you are looking for a convenient and affordable way to update your will, consider using an online will service.
- Not Naming An Executor
When you make a will, you need to name an executor. This is the person who will be in charge of implementing your wishes after you die. If you don’t name someone, the court will have to appoint someone to do the job. This can take time and cost money. It’s also possible that the person the court appoints may not be the best person for the job.
So, it’s a good idea to have someone you trust in mind to serve as your executor. This person should be organized, detail-oriented, and willing to deal with a variety of tasks. Naming an executor will make things much easier for your loved ones after you’re gone.
- Not Having The Will Properly Witnessed
Witnesses are essential to the validity of a will, and without their signature, the will is not legally binding. So, not having your will properly witnessed can be a costly mistake. If two independent adults do not witness your will, it may not be valid and could be challenged in court. This could mean that your estate is distributed according to the laws of intestacy, which may not be how you wanted it to be divided. While it may seem like a small detail, having your will properly witnessed is crucial to ensure that your final wishes are carried out.
- Not Being Specific In Your Will
When making a will, it is important to be as specific as possible to avoid any confusion or ambiguity. Being too generic in the will can lead to problems later on. For example, if you leave your entire estate to your spouse but do not specify what should happen if they predecease you, there could be a dispute over who should inherit your estate.
To avoid this, you must include detailed instructions on how you want your assets to be divided and name specific individuals to carry out your wishes. You should also include alternate beneficiaries in case your first choice is unable to fulfill the role. Being clear and specific will help to ensure that your will is carried out exactly as you intended.
- Failing to Plan for Incapacity
It is important to plan for the possibility of incapacity while making a will. This means taking into account the possibility that you may become unable to make decisions about your care or finances at some point in the future.
Failing to plan for incapacity is a common mistake that can have serious consequences. If you become incapacitated without having made any provisions for it in your will, your loved ones will have to go to court to have a guardian appointed. This can be a long and expensive process. To avoid these problems, it’s important to plan for incapacity when you make your will. You can do this by appointing someone to manage your affairs if you become incapacitated.
- Not Having A Plan For Digital Assets
While many people understand the importance of having a will, few realize the importance of including digital assets in their wills. Digital assets are any online accounts or files that you own. This can include everything from social media accounts to online banking information to digital photos and more.
With the advent of the digital age, our lives are continuously online. This means that our digital assets are often some of our most important possessions. Yet, according to a recent study, only 4% of people have included their digital assets in their wills. This is a mistake that can have serious consequences for your loved ones. Without a plan for digital assets, your loved ones may not be able to access your accounts or may not know what to do with your digital files after you die.
Making a will is a very important process that can have significant repercussions if not done correctly. Yet many people make mistakes that can invalidate their wills. Some of these common mistakes include not updating the will regularly and not planning for digital assets or incapacity. Also, making blunders like not naming an executor or not paying attention to witnesses’ importance can lead to serious consequences. Therefore, you must avoid these mistakes to ensure the validity of your will so that your wishes are carried out.