Sunday, 21 December 2014

Top 10 Most Common Mistakes People Make While Making a Will

Business Law Attorney Leesburg
A will is an extremely important piece of document which is legal in nature and records all the details of the distribution or your wealth and property after your death among your heirs.  It is extremely important to draft a will if you have wealth that needs to go into the right hands and not juggle between government authorities after your death.  Moreover, since this is a legally binding document, one must not make any kinds of mistakes in it.
 
The following are the top 10 most common mistakes people make while making a will.

1.    Not making a will
Well, not making a will at all is definitely one of the most common mistakes that can possibly be made. It is important to understand why a will is important and then actually make it in order to secure your own assets while at the same time securing the future of your heirs.
2.    Not updating a will
Most people who draft their wills make the big blunder of not updating the will as time passes by. There are many circumstantial and age related changes that keep coming up and the will must be completely Upto date.
3.    Not hiring a will and probate lawyer
Since a will is a legal document, it is best to hire a legal expert or a will and probate lawyer to get it drafted in the correct format and by including all that it important.
4.    Poor estate planning
A will is not a document which is made overnight by scribbling a few things. It is a document which has to be made or completed only after doing proper estate planning. Poor estate planning is almost directly equal to a poor will.
5.    Choosing the wrong executors
Avoid appointing wrong executors and never appoint someone who lives overseas or someone who is likely to demand or claim some of your real estate.
6.    Choosing the wrong trustee
Make sure you don’t choose wrong trustees who might not be able to handle your inheritance on your death.
7.    Not considering marriage and divorce
There must be enough clauses in the will which have scope for changing according to marriage and divorce etc. the will must be ready for most circumstances that might arise in your life.
8.    Bad tax planning
Make sure that the tax planning that you do is correct and does not have any kinds of errors.
9.    Choosing the wrong trust & estate planning lawyer or will and probate lawyer
Another mistake which is common as far as making wills are concerned is related to choosing the wrong law expert. The choice must be based on skills, experience and good track record of the expert.
10.    Not including sentimental items
Besides wealth and estate, certain sentimental items like personal belongings too can be included in a will and including them could lead to problems among siblings later on.

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2 comments:

  1. Great post, Another common one is when there is one large asset forms the bulk of your parent’s assets, such as a farm, family business or property. In these cases often all of the business/farm/property is left to one child with little left to the other siblings.
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  2. Hey!I am glad to visit your blog! from this I can get some information that I didn’t know before.
    Estate planning is the process of anticipating and arranging for the disposal of an estate during a person's life. Estate planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.Wills & Estate Planning Lawyers Sydney

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