4 Common Mistakes People Make When Setting Up Their Will
When it comes to setting up a will, the process may seem straightforward, but it’s all too easy to stumble into pitfalls. There are a lot of steps to creating a solid plan for your estate; as such, there are several things that can go wrong if you aren’t careful. Below are some clear and concise explanations of common mistakes people make when setting up their will. This will help you avoid these errors and create a will that truly reflects your intentions, ensuring your peace of mind.
Not Considering All Your Assets
It’s essential to account for all your assets as you draw up the first draft of your will. This includes things that may not be top of mind, such as digital properties, collectibles, or investments. Neglecting to add these items can lead to confusion, disputes, or unintended distribution of your property. Be sure to properly inventory your possessions before taking the information to your estate planning attorney.
Neglecting To Choose an Appropriate Executor
It’s important that you select your will’s executor carefully. This person will be in charge of navigating the complexities of probate court, ensuring the process follows your wishes. Make sure you choose someone trustworthy, responsible, and capable of handling financial matters. Don’t rush this decision because of convenience or familiarity. Consider the individual’s ability to handle the task at hand and, if necessary, don’t hesitate to appoint a professional executor.
Overcomplicating Your Will
Another common mistake people make when setting up their will is making it overly complicated. Creating a will doesn’t have to be like solving a complex mathematical equation. In fact, it’s often best to keep it simple. Overcomplicating your will with unnecessary legal jargon or complex clauses can lead to misunderstandings or implementation issues. Be clear with your wishes, and ensure they’re laid out in a straightforward, easy-to-understand manner.
Failing To Seek Professional Legal Advice
Writing a will might seem as easy as drafting a letter, but a will is a legal document that requires careful crafting. Overlooking the importance of professional legal advice can lead to costly errors, omissions, or ambiguities. Engaging a legal expert ensures that your will complies with state laws, considers all relevant factors, and accurately represents your wishes.
Setting up a will is much like crafting a story—your story. It’s a narrative that outlines how you want your assets distributed, who you trust to carry out these wishes, and how you envision your legacy. As a premium probate law firm, Vancouver Wills and Trusts believes in making this process as simple and comfortable as possible. We’re here to help you avoid common mistakes and ensure you get the peace of mind you deserve. Schedule your consultation today so we can start crafting your story together.