Three Mistakes You Should Avoid When Writing Your Will
You may have decided to write a last will and testament in an effort to distribute your assets and provide for your family after you've passed away. You may think it's a simple process, but mistakes can cause legal problems and family disputes. Here are three mistakes to make sure you avoid when you write your will.
Naming a Family Member as Executor
Your first instinct may be to name your spouse or eldest child as the executor to your estate, but that could be a mistake. An executor needs to pay any of your remaining debts and is responsible for making sure that all of your assets go where you wish, and that can be a lot of work for someone who is so emotionally attached to you. In their grief, they may make mistakes that lead to other problems and complications down the road.
Consider naming an estate planning attorney as your executor, or a business partner you can trust. That ensures that everything is done properly and that your family doesn't have to deal with additional stress during a difficult emotional time.
Not Naming Guardians for Minor Children
When you are writing your will, it is easy to assume that your spouse will still be alive even if you are not. However, you and your spouse may die at the same time. That is why it is critical for you to name guardians for your minor children in your will.
Before naming people, it is important to sit down with anyone you are considering. You don't want your wishes to be a surprise to them, and they need to be willing to take on that responsibility. Make sure that you and your spouse agree about who should be the guardians of your children and make sure that you tell others in your family before anyone passes away. That way, you can answer any questions and your family can avoid any future disputes over the issue.
Forgetting to Make Changes
When you're done writing your will, you may not want to look at it again. That can cause problems for your beneficiaries in the future, because you may not have included your children's married names or any grandchildren born after your will is written. Updating your will is important so that you don't cause legal problems for your family and loved ones. Make sure you update your will regularly to ensure you name everyone you want to give your assets to.
If you avoid the three mistakes in this article, you can be more confident about the will you are writing. Consult an attorney like Patricia L Riddick PLLC Atty who can ensure that you haven't missed anything and help you determine if you need to make any changes so that your will and wishes are definitely followed in the future.