Writing a will maximizes the value of your estate, protects your interests and reduces the chances of litigation or family disputes.
However, if you haven’t started your will, be aware of some common mistakes that can cause problems for your heirs. In today’s blog, the wills and trusts attorneys at Davidson Law Group identify four mistakes to avoid when preparing a will.
1) Unclear Executorship
Unclear executorship is a common mistake among those making a will. An executor is a trustworthy person in charge of handling the will and dispersing your assets to your heirs. In the case of death or illness to the primary executor, it is important for the will to also specify a secondary executor. If you don’t want relatives as executors, the wills and trusts attorneys at Davidson Law Group are here for you. We can act as the third-party administrator for your estate, so the executor decision isn’t placed in a judge’s hands.
Related Post: Common Mistakes Executors Make
2) Never Update Your Will
Once the will is made, you still have some responsibilities. Between births, marriages, divorces, deaths, and new property additions, many changes can take place. It’s important to update your will when these developments occur to guarantee the assets will be administered to the intended recipients. There is no limit on how many times you can update the will. When you draft a new will, include a declaration that’s your final will, have it signed and registered, and cancel all other previous wills.
3) Writing the Will Incorrectly
You can prepare your own will, and as long as it is clearly written, signed and dated, the will can be enforced in Probate. However, if your will is not written correctly, it may end up being invalidated and contested in court. Make sure all of the personal details are precise, including your name, address, place, and date. Put in the full name and relationship of beneficiaries, mention the assets, have two witnesses present, and sign it along with the witnesses. Having your valid signature is the most crucial element of your will.
Related Post: Questions to Ask Before Writing a Will
4) Forgetting to Specify Guardianship for Children
Whether it’s a grandparent or another close relative, you want minor children to be taken care of if something were to happen to you. If you have young children, a will permits you to name one or more persons to act as their legal and financial guardians in your place. Failing to appoint a guardian may result in a court intervention to protect your child’s interests, which could create legal and financial predicaments. Avoid this mistake by nominating a guardian for your children.
Alleviate Difficulty With a Wills and Trusts Attorney
Davidson Law Group is the wills and trust attorneys you can count on. We want to make your life easier and ease the burden of managing an estate. If you live in Texas and need help drafting a will, contact our law firm in Fort Worth, Allen, or Tyler today.