So, you have decided to go through the process of estate planning. Congratulations are in order, as you have taken an important step in securing the future of your loved ones.
The process of planning your estate and writing a will requires you to go through many details to ensure that you do not leave any bases uncovered. It can be helpful to know some of the most common mistakes people make when writing their wills, so you can avoid making them yourself.
Believing a will is a static document
Writing a will and then forgetting about it or putting it away can be more damaging than not writing a will at all. Smart Asset points out that if you have a child, remarry or get divorced, you will want to be sure to make updates to your will so that your possessions don’t go into the wrong hands after your death.
Focusing only on assets
The fact is that a will is your opportunity to settle many loose ends, not just to decide who gets your assets. One important thing to consider is who will be responsible for the guardianship of your children, especially if you are a single parent.
Writing a bunk will
Unfortunately, just writing on a piece of paper where you put “Last Will and Testament” as the header may not be enough to solidify it as a legally binding document. Make sure you are aware of what you need to do for your will to be legal.
This article informs you about writing a will, but it is not itself a form of legal advice.