The Most Common Mistakes People Make in Wills
A will is a critical legal document that allows you to clearly outline your wishes, especially when it comes to the distribution of your property and assets once you have passed away. However, there are a few common mistakes people tend to make when setting up their wills, including the following:
- Failing to make updates: If you experience a significant life change, such as a divorce, marriage, birth of a child or a move to a different state, you should update your will accordingly. You also need to make sure you name guardians for your minor children, if applicable.
- Forgetting about tax issues: When crafting your will, be sure to ask your attorney about how your estate will be impacted by taxes. Certain assets, including those held in trusts, retirement plans and life insurance payouts, may subject to taxation.
- Not appointing the right executor: You will need to name an executor for your estate, and you should be sure to appoint someone who you trust to carry out the duties in an effective manner. If your executor passes away or becomes incapacitated, you should update your will with someone else in this role.
- Outline all intended beneficiaries: You should be sure to give a lot of thought to you want to be named as your beneficiaries in your will. If, for example, you decide to intentionally leave a family member out of your will, consider explaining why you’ve taken this action. This will help prevent any challenges to the will once it’s time to execute it.
If you have any questions related to setting up a sound will in Florida, contact a dedicated estate planning attorney with the Charles Law Offices.