Have you ever considered what will happen to your assets when you're no longer here to manage them? Drafting a will is essential for ensuring your estate is handled according to your wishes. This article highlights common mistakes people make when writing their wills and the unintended consequences that can result.
Many try to draft their wills independently, but this can lead to errors that complicate the probate process. Misunderstood or misused legal jargon can create ambiguities that jeopardize the intent of the will. Professional guidance can help, as legal experts can translate personal wishes into clear, legally binding language.
About 34% of will disputes succeed in fully or partly overturning a will, often due to vague wording, according to the American Bar Association. Clear, specific language – like “I leave 50% of my estate to my daughter, Melanie, and 50% to my son, Nathanael” – reduces the risk of misinterpretation and conflicts.
Adhering to Formal Requirements
A will’s validity hinges not only on what’s written but also on following key formalities. Proper witnessing and signing are crucial, yet often overlooked. Most jurisdictions require at least two impartial witnesses, and any beneficiaries should not serve as witnesses to avoid conflicts of interest.
Notarization can add an extra layer of security, helping prevent claims of forgery or coercion. While not always mandatory, it can be vital for affirming a will's authenticity.
Keeping Your Will Updated
Life changes, and so should your will. Events like marriage, divorce, or the birth of a child can shift how you want to distribute your assets. Without updates, an outdated will could lead to unintended outcomes, like assets going to a former spouse or excluding new family members.
It’s wise to review your will every five years or after major life changes, ensuring it aligns with current laws and circumstances. A well-crafted will is a testament to your life's work and care for your family. Don’t let simple mistakes compromise your legacy.
We’d love to hear from you! Feel free to email us with any questions, comments, or suggestions for future article topics.
Trustworthy is an online service providing legal forms and information. We are not a law firm and do not provide legal advice.
