A simple will can be a great way to kickstart your estate plan and ensure that your assets are protected and set for distribution as you see fit. While the hope is that the process of creating this document will be straightforward, you have to take a holistic view of your circumstances to ensure that you’re protecting your interests as fully as possible. For example, if you anticipate that someone close to you will challenge the validity of the will, perhaps because they haven’t inherited as much as they’d hoped, then you need to find ways to protect the viability of your will.
Protecting testamentary capacity during the estate planning process
One way that simple wills are challenged is by contesting its creator’s mental capacity at the time the will was executed. You can reduce the risk of one of these arguments being successful by doing the following:
- Seeing your doctor shortly before the will’s execution so that they can render an opinion as to your mental fitness.
- Having plenty of witnesses present when you execute the document so that they can speak to your mental clarity at the time.
- Gifting assets to those who you expect to challenge your estate so that you can point to their acceptance of those gifts as an acknowledgement of your testamentary capacity.
- Writing a letter of intent that specifies the justification for how your assets will be distributed so that your thought process is clear.
Be comprehensive when creating your simple will
It can feel overwhelming to deal with the creation of an estate plan, even if you’re just using a simple will. But it doesn’t have to be that way. While you’ll want to be comprehensive throughout the process to ensure you’re doing everything you can to protect your interests as well as the interests of the estate and your loved ones, you don’t have to navigate the legal complexities of it all on your own. So, if you’re ready to learn more about the creation of a simple will and what it can do for you, then now is the time to read up on the process and seek answers to and guidance on any outstanding questions you may have.
