A simple will may be the best option to distribute your estate after you pass, but simple mistakes could cause unnecessary complications for your beneficiaries.
As you prepare this essential legal document, avoid these three common mistakes.
1. Neglecting to create one at all
Forbes reports that nearly half of all people over the age of 55 do not have a will in place. Many people assume their finances do not warrant one or believe the process is too complex.
Regardless of your age or income, you and your family can benefit from a will. This legal document allows you to designate an executor of your estate, detail who your beneficiaries are and what they will receive and appoint guardians for your minor children. Failing to create a will puts this power into the hands of your state, which may lead to decisions that you would not be happy with.
2. Forgetting to update regularly
As your life changes, your financial circumstances and your wishes regarding your estate will likely change, as well. You should update your will regularly to ensure that this document best reflects your current situation.
3. Using generic forms
If you decide to prepare your own will from online forms, you may cause undue stress for your loved ones after your pass. These types of forms often fail to properly account for state laws or fully distribute the estate. A legal expert can help you create a document that will honor your wishes and provide for your loved ones.