Writing a will can be quite confusing and draining, but you've to do it for the best interest of your loved ones. If you die before you have written a will, your family is likely to fight over the property or inheritance. Even if you don't find drafting a will a fun task, you should do it to prevent unnecessary disputes among your beneficiaries once you're dead. Writing a valid will without the input of a competent will lawyer can be a daunting task.
However, with the lawyer's guidance, it's easy to avoid these three costly mistakes:
Not Having Two Valid Witnesses
Before you append your signature on your will or estate plan, ensure you have two trustworthy witnesses. For your will to be valid, a testator must sign the will before two or more independent witnesses. These witnesses should also sign the will in your presence. If any of the parties don't sign it, then your will gets invalidated. The law requires you to be of sound mind when writing a will or estate plan; don't write it when under duress. If you write a will with no valid witnesses to sign it, a legal conflict could arise and hinder the execution process.
Not Naming an Executor
After writing a detailed will, appoint the person who should implement it once you die. The executor's role is to administer or distribute your estate without compromising your wishes. The executor should be a befitting person who doesn't necessarily have to be a relative. You could choose a wills and estates attorney, an honest friend or your financial advisor to execute your will. Should you fail to name an executor, the court appoints one, and they might not execute your will the way you would have wanted it done.
Leaving an Outdated Will
An estate plan written before marriage loses its legal effect when you get married. Therefore, you have to update your estate plan or will often, especially after having a child. In case you die before updating your will, your spouse inherits half of your estate or probably all of it. Although it might look good in your eyes, it might inconvenience your children in some ways. Update your will after remarrying and remember to list a guardian for your minor beneficiaries. You have the liberty to choose your spouse or any other close person you feel would take responsibility when the kids are grown.
Although writing a will can be nerve wracking is some ways, it's still the best thing you could do for your loved ones. Everyone feels good when their will guides how the estate and property are distributed instead of letting the court and other state rules guide the process. Hiring a will lawyer to help you draft the will would ensure every beneficiary gets their right share without having disputes and contested cases to handle.Share
29 April 2020
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