A Last Will and Testament is one of the most important documents you can have. It ensures that your loved ones are taken care of according to your wishes.
Yet, many people make mistakes when creating their Will, which can cause problems down the road.
Here are 5 of the most common mistakes:
1. Not having a Will in the first place. This is by far the biggest mistake people make. Without a Will, your loved ones will have to go through probate process to settle your estate, and it may not be distributed according to your wishes.
2. Not updating your Will regularly. Life circumstances change, so it's important to review and update your Will every few years or whenever there is a major change in your life (example: marriage, divorce, birth of a child).
3. Not naming an executor. An executor is the person who without a Will, the state will determine how your assets are distributed, which may not be in line with your intentions. Additionally, if you have minor children, a Will allows you to appoint a guardian for them in the event of your death.
4. Not being specific enough. Vague language in a Will can often be interpreted in different ways, leading to disputes among beneficiaries. Be as specific as possible when describing how you want your assets to be distributed.
5. Not having witnesses. In order for a Will to be valid, it must be signed by two witnesses who are not named in the Will itself. Without witnesses, your Will may not be considered legal and could be challenged in court.
If you're considering creating a Will, it's important to avoid these common mistakes.