Common Mistakes To Avoid When Creating A Will

Creating a will is a crucial part of estate planning, as it ensures that our assets are distributed according to our wishes when we pass away. However, many people make mistakes during this process that can lead to complications, confusion, or even legal challenges after their death. To help avoid these pitfalls, we at Carpenter & Lewis PLLC have put together a list of the most common mistakes to watch out for when drafting a will.

Not Updating The Will Regularly

Our lives are constantly changing—whether it’s through marriage, the birth of children, divorce, or changes in our financial situation. If we don’t regularly update our will to reflect these changes, it can lead to significant problems down the line. For example, we may leave assets to an ex-spouse or forget to add new beneficiaries. That’s why it’s important to review and update our will every few years or after any major life event.

Choosing The Wrong Executor

One of the most important decisions we make when creating a will is choosing an executor. This person will be responsible for managing our estate, paying off debts, and distributing our assets according to our wishes. Selecting someone who is untrustworthy, unorganized, or unwilling to take on this responsibility can cause unnecessary delays and confusion. We should choose someone reliable, capable, and willing to take on this important role.

Failing To Account For All Assets

Sometimes, we may think that our will covers all of our important assets, but we might forget about certain property or financial accounts. This could include digital assets, like social media accounts and cryptocurrency, or tangible property like jewelry, art, or vehicles. We need to ensure that we account for every asset in our will to avoid leaving anything out. It’s also a good idea to include specific instructions for how personal property should be distributed.

Not Naming A Guardian For Minor Children

If we have minor children, naming a guardian is one of the most critical aspects of creating a will. Without a designated guardian, the court may decide who will care for our children, and this might not align with our wishes. We should take the time to carefully choose a guardian who shares our values and will be able to provide the care and support our children need.

Using Ambiguous Or Conflicting Language

The language in our will must be clear and specific. Ambiguity or vague instructions can lead to disputes among family members and beneficiaries. For example, phrases like “I want to leave my estate to my children” can be interpreted in various ways. We need to be as precise as possible to ensure our wishes are followed. We should avoid contradictions between our will and other legal documents, such as trusts or beneficiary designations, to prevent confusion.

Not Following Legal Requirements

For a will to be legally valid, it must be signed and witnessed according to state law. Failing to follow these legal requirements could render the will invalid, causing our estate to be distributed according to state laws rather than our preferences. It’s important to work with a wills lawyer or follow the specific signing procedures to avoid this mistake.

Storing The Will In An Inaccessible Place

Even if we create a well-drafted will, it’s useless if no one can find it when needed. Storing it in a safe deposit box or in a location that only we know can create problems for our loved ones when the time comes. We should store our will in a safe but accessible place and inform our loved ones about where it is located.

By avoiding these common mistakes, we can create a will that accurately reflects our wishes and protects our loved ones from unnecessary legal complications. Working with our Knoxville, TN wills lawyer can ensure that your will is legally sound and comprehensive. Taking these steps now will provide peace of mind and help our families during what will be a difficult time.