Making a will and having your estate planning adequately sorted is a good practice to ensure that your property and belongings will be with the people whom you trust.Whether you have your already framework your will or you are going to, take our advice and avoid the following mistakes to eliminate any problems that might arise upon revelation after your death:
NOT MENTIONING ALL THE ASSETS:
Carefully calculate all your assets before deciding to put them down in your will. Forgetting to mention something can make it a vulnerable property that anyone might try to confiscate after your demise.
NOT REVIEWING THE BENEFICIARIES:
All errors aside, people tend to make multiple beneficiaries related mistakes like: not having a beneficiary, having outdated beneficiaries, naming minor as a direct beneficiary, etc. Be careful while specifying the details of the beneficiary, because if you are negligent, the person who gets your money may not be the intended beneficiary consistent with your desires.
NOT UPDATING THE WILL:
If you have made a will beforehand, make sure you updated it when the circumstance change like you got married, you had children, or you got divorced to make sure your assets are going in the hands of someone your trust.
NOT NAMING AN EXECUTOR:
An executor is a person appointed by the testator who, upon their death shall implement the will. DOn’t forget to mention the name of the executor.
NOT HAVING A VALID WITNESS:
A will is considered valid only in the physical presence of two witnesses above 18 years of age. Single or underage witnesses won’t be deemed valid.
NOT INCLUDING KIDS BORN OUT OF WEDLOCK OR STEPCHILDREN:
The law permits all children to have the right to inherit property from their biological parents. Make sure that you do not exclude your stepchildren or children born out of wedlock to avoid any future drama over property distribution.
NOT SPECIFYING CLEAR RELATIONSHIP STATUS:
If you have been living with a partner without getting legally married, and you assume that they will be your heir, you couldn’t be more wrong. Law requires you to state who is going to be your heir and specify the nature of the relationship with that individual.
DISINHERITING WITHOUT SPECIFYING A REASON:
If you forgot to mention the reason for disowning a dependent,m it will leave a contention window open for that individual. If you have decided to leave a dependant out of your will, you will have to state the reason for doing so explicitly. Unreasonably excluding dependants gives them the benefit of contention and probable possession of one part of your property.
MAKING SEVERAL CHANGES IN THE WILL:
You can not just randomly scratch on the paper to make changes in the will. It’s not that simple. You will have to frame formal alterations which must be signed and witnessed the same way an intention is. Instead of making multiple changes in your will, it would be advisable to create a new one.
Will is a testament of who gets to take care of your assets after your demise. Make sure you write it off carefully, bearing complete knowledge of the consequences, in mind. If you are in doubt, we suggest you seek the help of a will and estate planning attorney . They will help you by enlightening about the various aspects and their significance to be noted while writing a will. They provide excellent legal services at affordable prices.