What Are the Most Common Mistakes Made when Writing a Will?
As you prepare your postmortem arrangements for your family in Pennsylvania, a last will and testament is one of the most important documents you can arrange. Writing a will may seem simple at first thought, but drafting a will that properly accounts for all of your assets and works effectively involves the consideration of many factors.
Because of this, many people make mistakes or entirely overlook important aspects of their wills. Understanding some of these common errors will help you to avoid making them yourself.
Failing to Make Regular Updates
A will is not a static document that needs to only be visited once. Yet many people make the mistake of drafting a will up and leaving it as it is for years. SmartAsset recommends that you should update your will every year, and any time a major life event happens, such as the birth of a child, a marriage, a divorce or the acquisition of new assets.
Leaving out A Guardian for Children
A will is not just intended to specify how your assets will be distributed among named beneficiaries, but can also be a way to ensure any of your children are cared for properly. Despite this, a lot of people forget to name who will be the guardian of their child, which leaves the child’s fate in the hands of state law.
Choosing the Wrong Executor
The person you choose as your executor needs to be someone you can trust. People who choose the wrong executor can create a huge mess for their families and heirs.