In your lifetime, you will make several important legal documents. One of them is your last will. When you make a will, you can specify where your property, guardianship, and debts will go after your death and appoint an executor to fulfil your wishes.
There are too many Americans without a will right now. Despite the pandemic, two out of three adults do not have a will, according to Caring.com. In addition to procrastination, people said they didn’t think they had enough assets to leave someone.
Image Credit: Shutterstock/Africa Studio
Eido Walny, the founder of Walny Legal Group, said clients often make the tragic mistake of not having a will. He said that most adults over 18 need estate planning documents. Even if the papers aren’t fancy, they can save your family a lot of financial and emotional suffering.”
Here are the most prominent mistakes estate planning attorneys see clients make.
In This Case, You Assign Co-Executors
A single executor is the best option. It isn’t good to make all your children responsible for administering the estate, as many testators think in fairness. You need everyone’s agreement. If you want to sell a house, some kids will say, ‘No, it should stay in the family.’ Little disagreements inevitably turn into family in-fighting. Everyone doesn’t get along.
Image Credit: Shutterstock/wavebreakmedia
To Avoid Family Court, You Believe A Will Is Enough
The biggest mistake is thinking a will can avoid probate. Legally speaking, probate is the process of administering someone’s estate when they die intestate, without a will, or when they die with one, by proving the will. If assets are titled solely in your name, a valid will not avoid probate if distributed according to the will.
A Will Doesn’t Change As You Live
It is prevalent for people to fail to update their estate plans and wills. Constantly update your will because specific life changes may affect your estate plan. Changing documents is necessary when life events occur, such as marriage, divorce, and birth. Every five to seven years, you should revisit your estate plan. Most people don’t think about it once it’s done.