Common Mistakes in Writing a Will

A will is an important document in estate planning. It will help provide the instructions for what an individual may wish for his or her estate and assets in case of death. Not preparing a will can be a very grave mistake for any person who wish to ensure that his or her estate goes to the right people. Here are other common mistakes that may also occur especially when trying to prepare a will.

Failure To Update A Will

Everyone may already be aware that there’s nothing permanent in this life except change. And because everything changes, so does your wishes as you have it on your will. Your will does not just stay the same after you have been done with it. As time passes by, you might experience either a growth or a reduction in your wealth or possessions. This might affect your will and may need to be updated. Not having your will updated when it is needed may cost you, or at least those whom you might be leaving behind in case you die.

Naming The Wrong Executor

The executor is the person tasked to execute the tasks stated in a will. Choosing the right executor for your will would ensure that everything turns out okay. But a mistake would prove to be disastrous.

You should choose an executor who is honest, organized and responsible enough to do your wishes. It may be important for you to first discuss your plans with a likely candidate and get his or her consent before you decide on them. Make sure that you also choose an executor that you know will outlive you enough to execute your will.

Naming A Single Person As A Guardian And Trustee

You might mistake someone who is good with money will also be good enough to take care of your family after you pass on or vice versa. Although this might look quite convenient, naming a single persons to be both a trustee and executor of your estate is not always a good idea.

Choose separate people to be a guardian or a trustee. Make sure that you can depend on their skills to do well what you will be holding them responsible to. Doing so would give you the peace of mind to ensure that you have done your best to take care of your loved ones and your estate even after you die by preventing mistakes in your will.

 

 

Posted by Ardent Editor on Nov 16 2009 in Estate Planning

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