Creating a will sounds like a fairly simple process, right? While it can be, there are mistakes that may derail your plans and make things challenging for your family when you pass.
The best way to avoid the most common mistakes is to know what they are. Let’s look at a few.
Not creating a will
This may seem like an odd mistake, but it’s estimated that about 50% of people over the age of 55 still don’t have a will. One of the main reasons for this is that some people don’t believe their financial situation merits the creation of this document.
It doesn’t matter how old you are or how much money you have. Creating a will can benefit your family in many ways. For example, it allows you to name an estate executor, list your beneficiaries, distribute assets and designate guardians for minor children. If you don’t have a will, it means all these decisions will be made by the court.
Not updating your will frequently
Your life is going to change. You may receive an inheritance, sell a property or even get a divorce. Many major life changes require you to update your will. By updating your will regularly, you can ensure that it is accurate and reflects your current life and how you want your end-of-life matters handled.
Using generic forms
You should never rely on the forms you get online to create your will. These forms don’t always account for the laws in your state, which means that they may not be considered legitimate when you pass away.
If you want to ensure that your will is legal and properly reflects your wishes, be sure to avoid the mistakes here. Working with a professional can also be beneficial when it comes to creating and updating this document.