Putting a last will and testament into place is an essential step in getting your estate in order—and if you’ve made a will, you deserve kudos for your initiative.
But wait: That doesn’t mean you’re all done. There’s much more to estate planning than simply making a will. In fact, there are many ways in which last wills can come up short—here are some common errors that you should be aware of, and check for.
Make sure you’ve handled your last will properly. Here’s a quick list of common last will mistakes.
Choosing the wrong executor. The executor is tasked with administering your estate—so it needs to be someone trustworthy and level-headed.
Not specifying guardianships for your kids. If you have children who are still minors, it’s essential for your last will to stipulate their guardianship should anything happen to you and your spouse.
Forgetting assets. All assets should be included in your will, including both physical and digital ones. This means you’ll need to update your will periodically, as you acquire or lose assets.
Forgetting debts. Along the same lines, your will should cover any outstanding debts you have. Again, this means your will may need to be revised from time to time.
Not using the right names. Be sure that everyone listed in your will is identified with full, accurate legal names—never nicknames.
Failing to include all the facts. In addition to names, your beneficiaries should be identified with their location and their relationship to you.
Not updating your will. Any time your family situation changes—marriage, birth, adoption, divorce, death, what have you—it’s a good idea to revisit your will, and to refine it as needed.
The best way to avoid any of these errors is to work with a legal professional. Reach out to the estate planning team at Singh Law Firm to start the process today.
Learn more about estate planning from Singh Law Firm.