Most people put off making a will, but it is one of the best things you can do for your family. A will is not just about dividing your things – it’s about making sure your wishes are met, and your family is looked after once you’re gone. Lawyers often witness mistakes or misunderstandings about wills that create unnecessary distress for families. Knowing the basics can help you avoid these problems and make things easier for everyone. Here are 11 things lawyers wished we all knew about writing a will.
Featured Image Credit: Shutterstock.
A Will Isn’t Just for the Wealthy
A lot of people believe that they need to have wills only when they have a large estate — but that’s not true. A will ensures that everything you own – your house, your car, your family heirlooms, etc.- goes where you want it to go. Even if you’ve got only a few assets, a will can avoid family disputes and make life easier for your family members.
It’s Not as Expensive as You Think
Some don’t write a will because they think it’s too expensive. Although the costs vary, most lawyers have affordable packages for basic wills. It’s also way cheaper than what your family could be forced to pay to settle your estate without one. Online templates can be a place to start but, when you have an expert help you make it legally valid.
A Will Doesn’t Cover Everything
A common misconception is that a will handles every part of your estate. But other assets such as life insurance or retirement accounts tend to have beneficiaries that override your will. So you should make sure to revise these accounts on a regular basis so that they reflect your preferences and do not squabble with each other.
You Should Update It Regularly
A will is not a “set it and forget it” document. Major events in your life such as marriage, divorce, the birth of a child, the death of a loved one may influence your wishes. Lawyers recommend revisiting your will every few years to make sure it still fits your current circumstances.
DIY Wills Can Be Risky
Using online forms and DIY wills can be a quick fix, but they can also create problems. There are rules for what constitutes a valid will in every state or country. An ill-drafted will could be challenged in court or declared invalid. Consulting a lawyer will spare your family from unnecessary worry.
Guardianship for Minors Is Crucial
If you have small children, a will is the best place to designate a guardian. Without it, a court will decide who cares for your children, and it’s probably not what you want. Talk to the appointed guardian in advance to make sure they’re comfortable and able to accept the responsibility.
Your Executor Holds a Big Responsibility
Selecting the correct executor is important because they’ll carry out your intentions. It is not a ceremonial role, it involves handling money, paying debts, and legal paperwork. Choose someone you can trust, someone who is efficient, and someone who’s able to handle the role.
Verbal Wishes Don’t Count
Though you’ve informed your family of your wishes, words aren’t effective in court. You have to have it written down and signed in order to make it legally effective. Promises and guesses aren’t reliable – put it all in writing in your will to save yourself confusion.
Taxes and Debts Don’t Disappear
Most people are unaware that they have to deduct their debts and taxes from their estate before the inheritance is distributed among heirs. You can prepare for this with the help of a lawyer by setting aside money or planning your assets so that you leave your heirs with as few tax obligations as possible.
It’s Not Just About Death
A will can also explain what happens if you are still alive and unable to decide things, for example in the event of fatal illness or harm. And powers of attorney, medical instructions – these ensure your affairs are taken care of the way you want when you become incapacitated.
Talking About It Is Important
It might feel awkward talking about your will with friends and family, but it’s critical. Transparent communication ensures everyone knows what you want, and also keeps disagreements to a minimum when you’re gone. Explain your choice to your family so they’re on board and know what to expect.
Like our content? Be sure to follow us.
