7 Common Mistakes People Make When Writing a Last Will
Sitting down to write
your last will and testament is one of the least pleasant tasks one can set out
to do. No one likes to think about their death. This is probably why people put
writing a last will off to the (quite literally) last minute. It's a big mistake,
as a missing or an unfinished will can cause a whole lot of legal and financial
problems for your potential heirs.
Probate
can be a long and complicated affair, so it's best to get your will written
correctly to save your loved one's potential issues. Though there are ways to
get advances on the probate funds if you want to find out more, click here.
There
are many other mistakes that you should avoid making when preparing your last
will and testament. Using the right language and formatting may seem trivial,
but it's another thing that can save your relatives a lot of time in probate
court. Read on to find out more about avoiding the most common mistakes when
writing the last will.
Not Using the Right Language
Many people use last
will and testament interchangeably with the term "will". However,
these are two entirely different things - a will is what you leave behind,
while a last will is how you dispose of it. "Last" implies that you
only have one will, while "will" is just a generic term for your
testament. The key thing here is to make sure that you call your last will properly
- otherwise, it won't be valid.
There are also cases when the will is written in another language. To
ensure that the contents of the will are properly interpreted, it should be
handled by an experienced legal translation services provider. Not all
translators are qualified to handle legal translation since it deals with
sensitive details and a single mistake can mean substantial consequences
Not Disposing of the Will Properly
Your last will is
supposed to be distributed to your potential heirs after your death. However,
if you do not specify how and when this should happen, it can become a real
headache for the executor of your estate. First, they will have
to figure out the best way to get the will to the right people. Secondly, they
may have to deal with the will being contested by people who try to claim their
share of the inheritance. To avoid all of this hassle, it's best to specify who
should be given the will after your death and what their responsibilities are.
Failing to Keep Copies of Your Last Will
If you die without a
valid last will and testament, your estate will be divided according to state law. This
means that your family members may not receive what you intended for them, and
they may be left without any form of inheritance. To avoid this issue, you
should keep at least two copies of your last will: one with your lawyer and one
with a trusted relative or friend. You should also keep copies in a safe place,
such as a safe deposit box or a secure storage facility.
Neglecting to Update Your Last Will Over Time
After writing a last
will, you should review it regularly and update it whenever necessary. As you
get older, your family situation may change significantly - new people enter
your life, some people pass away, etc. If anything changes in your life that
could affect the distribution of your assets upon death, you should amend your
last will accordingly.
It's
also worth noting that each state has its own laws regarding inheritance laws.
Your state may have made amendments that would require you to update your last
will to be valid.
Putting Too Many Restrictions on Your Assets
As most wills are
private documents that should not be shared with anyone outside of the
immediate family, there's no reason why you should put too many restrictions on
your assets or on how they should be used after your death.
Ignoring the Tax Implications of Inheriting Money
When writing a last
will and testament, it's tempting to ignore the tax implications of inheriting money -
after all, that's not what the document is about. However, avoiding talking
about taxes will create problems for those who inherit money from you. If they
don't know about the tax implications before they inherit money from you, they
may end up paying extra taxes on it or even getting into legal trouble for not
paying taxes correctly on an inheritance. To avoid this problem, explain in the
last will how much money each potential heir is going to inherit and how they
should pay taxes on that money (for example, lump sum or annual payments).
Not Consulting a Lawyer Before Writing Your Last Will
Writing a last will
and testament can be confusing, as the laws surrounding wills can vary
significantly depending on where you live. This is why one should always
consult a lawyer before writing their last will - it helps eliminate a lot of
confusion later when it comes time to apply the document and deal with
potential disputes.
Final Note
Although writing a
last will and testament can be a daunting task, it's crucial that you get it
right. Not only will it help you leave your assets to the right people, but it
will also make the probate process much simpler for your potential heirs. The key
thing to remember here is to avoid these common mistakes - they could cost your
family dearly.
