A will is a legal document that allows you to direct the distribution of your assets after you pass away. You can name family and loved ones as beneficiaries who can inherit your real estate, valuables and sentimental assets.
There are a few simple mistakes, however, that can happen when drafting your will that may complicate matters for those you leave behind. Here are some that you need to avoid:
1. Missing signatures
A valid will requires your signature. You must sign your will while you are of sound mind. In other words, you must understand the intent of your will and how your assets are distributed. The execution of your will must also be “witnessed” and signed by two people who have nothing to gain from your estate. If your will is missing any signatures, it could be rejected by the probate court.
2. Outdated last wishes
Many people execute a will and forget about it — and that’s a mistake. You should regularly update your will every three to five years. This helps ensure your last wishes are up to date and any new assets are included in your directives. You may also need to alter your will whenever you have a major life event, such as changes in marital status, serious medical diagnosis or changes in your family.
3. Relying on a will alone
A will is only one part of a comprehensive estate plan. You should consider naming a power of attorney to make decisions if you are ever incapacitated before your death and other methods of asset protection, such as the use of direct beneficiary designations and trusts.
Professional legal guidance can help you explore your estate planning options — and keep you from leaving any gaps in your plan or making mistakes that could later prove problematic.
