4 Mistakes to Avoid When Making a Will
As straightforward as a will can seem, it can actually be quite easy to make some costly mistakes during its creation. By being aware of some of these errors, you may be better placed to avoid making them yourself.
Not Considering Overriding Factors
When you create a will with a Manhattan will lawyer, you will write down who in your family receives your assets. You might decide to leave everything to one person or divide it evenly among siblings or children.By writing this in your will, you might think the instructions will be followed to the letter, but there can be some overriding factors. For example, if you have a retirement plan, life insurance policy, or similar, who you name as a beneficiary on these documents takes precedence.
An example of this could be your life insurance policy naming your spouse as the benefactor, but your will has instructed that your children receive equal shares of that policy. The life insurance document can and often does override your will instructions.
Failing to Update Your Will
Even though you have to take time out of your day to sit with a will lawyer and update your will, it can be worth making the effort. Failing to do so may mean that your current situation isn’t accounted for in those legal documents.Any time your situation changes, such as buying a home or business, or welcoming a child into the family, take the time to update your will to make sure they’re accounted for. Otherwise, they may not end up with the assets you had intended upon your passing.
Not Sharing Your Will’s Location
When you die, your family begins getting your affairs in order. This can take a considerable amount of time, but possibly even more so if they cannot locate your will. After seeing a will lawyer to create one, store it somewhere safe and let people you trust in your family know that location. If you store it in a safe deposit box, make sure someone knows the code since a court order can be required to open it in some states.Using Dollar Amounts
It’s easy to only consider your current value as you start writing instructions for your passing. You might be calculating the money in your bank accounts, retirement plans, and properties and deciding that you’d like each person to receive X dollars.However, your value changes over time, and there’s no knowing when you may die and what level of wealth you will have to pass on when that happens. Consider using percentage values rather than allocating a specific dollar value to each person in your family.
For example, you may wish for each of your children to receive 20% of your estate each, with 5% of the remainder going to their children.
Planning for your death can be challenging, especially when most people don’t want to think about their demise. However, by making time for this crucial task and being aware of the common mistakes people make, you may make it easier for your loved ones to manage your estate.
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Posted - 02/14/2022
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