A will is a critical part of anyone’s life. It is a piece of your legacy, determining what happens with all of your possessions, assets, and responsibilities once you’re gone. Unfortunately, many people take their will for granted, leaving it incomplete or filled with errors.
This can have many legal ramifications once you’re gone, which in turn, can cause problems for your loved ones.
Here are some of the more common mistakes we see people make with their wills.
Not Covering Fees and Expenses
When you die, there are expenses to be covered. Not just funeral costs, but remaining bills, fees, taxes, etc. Any money owed will be settled using your remaining resources. If you don’t set aside money to take care of these costs, it will be taken out of your inheritors’ funds.
Choosing the Wrong Executor
A proper will should name an executor. This person oversees the probate process, making sure debts are settled, remaining assets are liquidated, and that everyone gets their share.
Typically, the executor is one of your children, your spouse, or a close friend.
You’re free to choose whoever you wish to be your executor, but make sure they’re responsible and capable of carrying out the duties. You should also check with them beforehand to make sure they’re okay with the position.
An executor has the power to deny the position after your death. This could result in someone you didn’t approve becoming executor over your estate.
Failing to Update Your Will
The earlier you make a will, the better. However, once you’ve made your will, you’ll want to update it from time to time. Assuming you live a long and healthy life, your estate will change. You need to account for new wealth, property, and possessions in your will.
While an outdated will is better than no will at all, it can still lead to a number of problems after your death. Once again, those problems will fall on your inheritors.
Not Using an Experienced Professional
A will needs to be accurate and complete. The only way to ensure your will covers everything it needs to is with the assistance of an experienced probate attorney. They’re able to ensure your family and loved ones will be properly taken care of after your death.
For professional probate attorneys in Springfield, Ohio, contact the team at Michael T. Edwards.