When it comes to creating a legal Will, there are some unforgivable mistakes that everyone makes. This can often lead to serious consequences down the road, so it's important to be aware of them before you get started. Here are seven of the most common mistakes people make when creating a legal Will:
Video: 7 Unforgivable Legal Will Mistakes Everyone Makes
1. Not Updating Your Beneficiaries
One of the most common—and easily avoidable—mistakes people make with their Wills is not updating their beneficiaries. If you don't update your beneficiaries after a major life event, such as getting married, divorced, or having children, your assets may not be distributed the way you want them to be.
2. Not Naming an Executor
Another mistake people often make is not naming an executor in their Will. An executor is the person who will be responsible for carrying out your wishes after you die. Without an executor, it can be difficult for your loved ones to know what you wanted and how to go about getting it done.
3. Not Having a Will in the First Place
One of the biggest mistakes you can make is not having a Will at all. If you die without a Will, your assets will be distributed according to your state's intestacy laws. These laws may not take into account your wishes or what would be best for your loved ones.
4. Not Making Your Will Legal
Another mistake people make is not making their Wills legal. In order to be legally binding, a Will must be witnessed by two adults who are not related to you and who are not named as beneficiaries in the Will.
5. Not Storing Your Will Properly
Once you have a legal Will, it's important to store your Will properly so that it can be found when needed. The best place to store your Will is in a safe deposit box.
6. Not Reviewing Your Will Regularly
You should review your Will regularly to make sure that it still reflects your wishes. As your life changes, so too may your wishes for how you want your assets to be distributed.
7. Not Witnessed By 2 Adults
In order to be legally binding, a Will must be witnessed by two adults who are not related to you and who are not named as beneficiaries in the Will.
Making a Will is an important step in ensuring that your wishes are carried out after you die. However, it's also important to make sure that your Will is legal and up-to-date. If you don't, your loved ones may not be able to carry out your wishes the way you wanted.