We all know we should have a will, but a will with mistakes, unclear language, or outdated provisions can sometimes be worse than having no will at all. Here
are the 7 biggest mistakes people can make when creating a will. For your peace of mind, review your own will and, if you notice any of these mistakes, I hope you’ll reach out to me for help. You don’t want your loved ones to face costly legal complications
or family conflict after you’re gone.
1. Assuming a DIY Will Is Good Enough– Some people, in an effort to save a little money, turn to online, inexpensive DIY wills. The potential problems with this “solution” are significant, ranging from the will not complying
with your state’s legal requirements to unclear wording that sparks family feuds over assets to long legal battles that cost your loved ones far more than you “saved.” Working with an experienced estate planning attorney will ensure your will is legally valid
and customized to your situation.
2. Forgetting to Name a Guardian for Minor Children – You wouldn’t think people would forget to take this step, but sadly they do. I think they assume the surviving parent will care for the minor children. But what if
both parents are tragically killed in an auto accident? Without appointing a guardian, the court decides who will care for your kids. Shouldn’t you decide? Of course! That’s why you should name a guardian and an appropriate backup legally.
3. Choosing the Wrong Executor – This is an important role when it comes to administering your estate. Naming a relative or friend you like doesn’t mean they are the right person for the job. Consider your choice carefully,
and select someone trustworthy, organized, responsible, and willing to serve.
4. Leaving Beneficiaries or Assets Out – Oops! If you don’t keep your will up to date to reflect life changes like divorce, having children, an inheritance, acquiring property, or building a business, your assets may
not be distributed as you intended. This can also lead to family disputes, confusion, and delays in asset distribution. Review your will (and beneficiaries on your investments and insurance policies) routinely to ensure it is current.
5. Assuming Your Will Controls Everything You Own – You might be surprised how many people think the will includes all your assets. It doesn’t. It is a common misconception. Retirement accounts, life insurance policies,
jointly owned property, and assets held in certain trusts may pass according to beneficiary designations, ownership arrangements, or trust terms instead. You should coordinate your will with your beneficiary designations, property ownership, and any trusts.
6. Creating Confusion with Vague or Conflicting Instructions – This mistake is frequently made in DIY wills. Statements such as “divide everything fairly” can lead to disagreements when family members have different ideas
about what fair means. Unclear instructions about personal belongings, sentimental items, or who inherits what can create unnecessary conflict and, frankly, lifelong estrangements. An experienced estate planning attorney can ensure asset distribution instructions
are unambiguous and not open to interpretation. Don’t leave your loved ones to argue over what you meant.
7. Signing Your Will Incorrectly – Even a carefully written will can run into trouble if you don’t sign and witness it according to your state’s requirements. An estate planning attorney will ensure your will is valid.
The Bottom Line
Your will should accurately reflect your wishes and be legally valid and up to date. If you have any doubt, please call me so we can address the issues right
away. Your loved ones will be grateful you took the time to protect them. Please call me at 513-399-7526. Or visit my website at
www.davidlefton.com for more information.