Martin Luther King left no Will, so his legacy included an ongoing legal battle.
Jimi Hendrix left no Will and decades of family disputes.
Bob Marley left no Will, and his legacy was soured by issues surrounding his estate.
Have you considered writing your wishes on a bit of paper? But without the legal stamp of approval, they’re more like messages in a bottle drifting in a vast sea. The laws surrounding wills are often complex, meaning there is room for mistakes when writing one. A simple error is like losing balance and risking the inheritance for your loved ones. It can also open the door for the contents of the will to be disputed and potentially render the will completely void.
Let’s navigate the will-writing maze and dodge the common traps together. We’re here to guide you away from the wrong turns and ensure that your will is a smooth highway to family harmony, not a potential jam of mistakes.
Planning for Death but Neglecting Life in Between
Your will comes into use when you die. But have you considered what happens if you meet with a serious accident, suffer a stroke, or develop dementia? Simply writing your will would be incomplete if it only addressed what happens upon your death. You may wish to address what happens while you are still alive. This is best accomplished by preparing complementary documents such as the Lasting Power of Attorney (LPA) and Advance Medical Directive.
Lasting Power of Attorney is a legal document that lets you appoint one or more people to help you make decisions or to make decisions on your behalf and Advance healthcare directives are legal documents that provide instructions for medical care and only go into effect if you cannot communicate on your own.
Not Assuming You Outlive Your Beneficiaries
The error that many people make is that they forget “Gift Over” provisions allowing a substitute beneficiary to take over the gift from the original beneficiary when writing their will.
What if the testator — the person writing the will – outlives the beneficiaries? Mistakes are made all the time, even by lawyers, and tiny errors can ruin the best-laid plans for passing down your family’s wealth and heirlooms.
Appointing an Executor Carelessly
An executor has the responsibility to carry out the deceased’s wishes, as written down in their will.
Naming the wrong executor for your will can throw off your best intentions, either due to personality clashes or a lack of ability. You may look for an executor who is more appropriate or use a corporate executor, such as your financial institution. Have backup executors in case your first choice can’t serve for any reason.
However, many people forget to name executors in their wills. When this happens, the probate court will appoint an executor, who may not be the deceased’s first choice.
In any case, your will should be reviewed frequently to verify that the person you’ve chosen as your executor is still the best choice.
Neglecting Your Intangible Riches and Personal Treasures
When noting down the assets, people remember the tangible assets but very often forget some of the more intangible assets. Make sure you remember all of the bank accounts, premium bonds, shares, and any other potential funds you may have.
And what about pieces that don’t have economic value but carry sentimental essence? It’s not just about possessions; it’s about preserving the priceless moments tied to them. To make it easier, address these in the will, and another idea is for beneficiaries to select items in a rotating manner.
It may be worth thinking about your digital footprint too. This may include your social media accounts, digital photos, music, and other online accounts.
Not Knowing That Documents Become Outdated
Given the importance of beneficiaries along with your will, make sure to regularly update both as your life circumstances change and the laws evolve.
Monitoring and updating beneficiary designations can be as important as making edits to a last will. This could be especially true after a divorce, the death of the first spouse, or with minor children.
Failing to Appoint Guardians
If you have young children, it is important to think about how you would like to care for them when you are no longer around.
If you are the only surviving parent and you do not choose a guardian for your children in your will, this decision could potentially go to the family courts. Ensure this headache does not happen by naming the guardian(s) in your will.
Being Vague is a Legacy’s Foe
A badly drafted or ambiguously phrased will is as bad as not having a will at all. It can be easily challenged in court by any of the heirs, with the assistance of a legal professional. A vaguely written will open itself to debate since it may not spell out what estate of the deceased is to be passed on, to whom, and in what proportion.
Not just the signature; all details appearing in the will should be complete, clear, non-contradictory, and valid; otherwise, there is a chance of someone challenging your will in a court of law. While making a will, you must sign it in the presence of at least two witnesses.
Creating a Will in a Language That is Not Understood
If the language used in your will is unclear or ambiguous, there is a higher likelihood of misinterpreting the testator’s intentions, leading to disputes among beneficiaries.
Some jurisdictions may have specific requirements regarding the language and form of a will. If your will is not drafted in legally acceptable language, it might be deemed invalid.
Doing It Yourself (DIY Wills) Has Its Risks
Have you considered writing your wishes on a bit of paper? But without the legal stamp of approval, they’re more like messages in a bottle drifting in a vast sea of ambiguity.
Wills may seem complex, but they do follow a set of general rules. Ensure that you seek professional advice when writing a will and that all of the proper steps are taken, including having the will witnessed.
Not Communicating With the Beneficiaries
Who contacts the beneficiaries of a will? Do heirs have to be notified? What does an executor have to disclose to beneficiaries? What is the remedy for an executor withholding information?
Here’s where Mitt Arv plays an important role. You can seamlessly list valuable assets, properties, wills, and other important documents on our highly secure platform.
You can share the listings with your loved ones, trustees, and friends in real time, ensuring awareness and guidance when it matters most. Take control of your financial well-being with Mitt Arv, empowering you to enlist and store the information of your wills and assets with ease.
Living Without a Will
This is the biggest mistake of all!
Sometimes people feel they’re too young to think about death. Or maybe they don’t think they have enough money to merit a will. Perhaps the process is too cumbersome or intimidating. None of those are good excuses.
With no will, your estate is more exposed to potential claims or litigation. If your affairs are complicated or there is dissension in the family, your estate could be dragged through court for years, costing thousands or more in legal fees.
Secure your legacy with a pro touch. It is important to get your will done by an experienced professional who is familiar with your affairs. Specify, entrust, and let your intentions hit all the right notes. With a proper will and a seasoned professional at the helm, your will becomes more than just a legal document; it transforms into a narrative of your life, a story told in the language of bequests and legacies.