Writing a will is not an easy job. There are many things to consider whenever you are thinking about doing this and you need to make sure everything is just the way you imagined it. There are some common mistakes that should always be avoided and there are ways on how to do this. Follow this article to learn about some mistakes and which ways you can make sure they will not happen.
Don’t Leave Everything To Your Spouse
Leaving everything to your spouse means you’ll get nothing if they die first. If you want to make sure that your will is valid, avoid doing this. One way of doing this could be to state in the will what percentage should go to your spouse. This will ensure they get a certain amount even if you die before them. You can also leave an equal portion for each child with other provisions such as guardianship and inheritance rights. Don’t forget about any tangible property or assets. These need to be mentioned too!
Don’t Create A Template Yourself
Creating your own template might get you to miss something important that will need to be included such as a list of beneficiaries, guardians for minors’ children, and steps on how the will should be administered after the death of the testator.
You can create your own template with an online will generator or hire a lawyer who specializes in wills. And if you have questions regarding guardianship, then you may reach out to a guardianship lawyer for legal assistance. In addition, there are websites where you can find samples for Last Will and Testament and use them since they will have everything you are required to add to these documents. This way, you will be able to make a will without any mistakes.
Here is a list of benefits why you should use an already established template:
- You will not have to worry about making a mistake that will invalidate your will.
- This way, the will is completely in compliance with the law.
- There is no need for you to spend time and money looking for an attorney who specializes in wills since they are already available online.
- You will have a will that is legally binding without any problems.
Don’t Do It By Yourself – Have A Lawyer By Your Side To Advise You
This job should not be done without a professional. A will needs to be clear and concise, which is something you will not have when writing a will by yourself. Make sure the will states who gets what specifically so that there are no complications after your death.
How can you make sure everything is added? Well, by hiring a lawyer of course. A legal professional will know what will and what will not stand up in a court of law. They will be able to make sure everything is detailed out properly so that when it does come time for your death the distribution of wealth can occur as smoothly as possible.
Don’t Forget About Taxes
Never leave out taxes when you have your assets. The same will not apply to taxes after death, but there will be a clause which states who should receive any inheritance in tax-free form. This will allow those receiving an inheritance via a will to be exempt from capital gains or estate taxes on it.
Be Careful Who You Name As Executor Of The Will
Executors must be trustworthy and will be responsible for carrying out your wishes. It’s important to choose the right person to help you carry this responsibility, and unfortunately, some people will take advantage of this by naming them as executors in hopes they will get a little cash from the estate when it’s all said and done.
Choose someone who has been like family or an old friend. Remember that if you name too many executors then each one will have less work but more responsibility. An executor should never make decisions about anything without consulting with other members of the legal team such as lawyers, accountants, etc. This is their duty because these decisions will affect the will and could have a negative impact on how it is executed.
Avoid Appointing Beneficiaries With Different Interests Than Yourself
Beneficiaries are the people who will receive your assets after you die. Make sure they are in agreement with each other about how to divide up the money because different beneficiaries might have very different interests than yourself. For example, if one beneficiary is a businesswoman and another is an artist, their goals may not be aligned as closely as yours would like them to be.
Include both children’s names AND spouses’ names on wills. The will should include all of the others mentioned before it, plus any children or spouses that exist at the time of death (even if married). Otherwise, someone could potentially inherit more from you than he/she deserves and there will also need to be further legal action taken by family members for property distribution.
As you can see, there are many things that need to be taken into account when you are writing your will. Get the templates of a trustworthy source and never write it without a professional. Never leave everything to your spouse and be careful with the choice of beneficiaries and executors. Lastly, never forget about your taxes.