Creating a will lets you properly distribute your assets once you’re gone. However, it’s not uncommon for someone to leave out crucial details that could cause issues for your loved ones down the line. Understanding what these common mistakes are and avoiding them could help you create a reliable will that protects your legacy.
Most Common Mistakes When Creating A Will
Failing To Update It When Necessary
From divorces to more assets, life can unexpectedly throw unexpected surprises. Updating your will to reflect these changes lets you eliminate outdated details and keep it relevant to what’s happening in your life.
Not Executing Your Will Correctly
While your will could perfectly reflect your wishes, the courts may consider it null and void if you don’t execute it properly. Every will needs to meet certain legal requirements, such as being 18 or older and having at least two witnesses to sign off on it. Skipping any of these could lead to legal challenges if you’re not careful.
Forgetting Your Non-Physical Assets
Most people only think of cash, houses, jewelry, and other physical assets when creating a will. However, assets like cryptocurrency, online businesses, or intellectual property could be equally important as the world becomes more digital. Overlooking them could leave a significant portion of your estate unaccounted for.
Not Leaving A Will At All
Many people with smaller estates might not find it important to leave a will at all. However, not doing so could leave it up to the state to decide what to do with your assets. It can also lead to legal problems between family members and cause unnecessary delays when settling your estate.
Do you need help creating an effective will that protects your assets? Our estate planning attorneys at Todd Cushner will guide you through the process. Please contact us at (914) 600-5502 for a free consultation.
