Creating your Will is probably not an exciting experience. Facing your mortality and the task of splitting up your assets can seem depressing, however, it is an extremely necessary thing to do to ensure that in the event of an accident your family will be provided for and your wishes can be carried out. Here is a list of 5 things to keep in mind when drafting your Will so that you can avoid some common mistakes.
- Don’t forget the executor and a backup executor. The executor of your Will is very important, as he or she will distribute your assets and be in charge of your estate after you pass. Don’t leave this job up to chance – you should carefully decide who you want to take on this role. To be safe, you should also appoint a backup executor to make sure that you will have someone you trust representing your interests no matter what. For help determining your executor or executors, you should check out this post.
- Specify your beneficiaries. You should be clear about who you are leaving what in your Will. For example, if you have several children, specify by name who will receive what aspects. Also consider the fact that “children” can be confused with godchildren or stepchildren once you are gone. Be as specific as possible when naming your beneficiaries so that there will be no confusion in the future. Also, if you specifically leave someone out of your Will, such as a child or spouse, you might want to include the reason why so that the executor doesn’t assume that this is a mistake and name these people as beneficiaries anyway.
- Update your Will. Things change over time. It is important that you update your Will to include new children and assets or to remove people such as an ex-spouse. When you experience any major life change – whether personal or financial – you should update your Will.
- Provide for the “what-ifs”. Consider situations such as a beneficiary dying or unexpected debt that has to be taken care of. Including these scenarios will ensure that executing your Will goes as planned.
- Don’t forget about the IRS. You shouldn’t necessarily assume that your estate won’t be a part of the estate tax system. You should provide for this possibility when writing your Will.
While drafting a Will is not necessarily a cheerful event, it is necessary. Your Will is an important document because you can’t be sure of how long you will live or how people will interpret your assets after your death. If you have wishes as to how your assets will be divided, you shouldn’t take any chances. Write them down in your Will and make sure that your beneficiaries get what they deserve. For help drafting your Will, you should look to a lawyer. Lawyers have experience with Wills and will probably think of important aspects of the Will that you might forget. Having some guidance in this process can ensure that everything goes smoothly. For help drafting your Will, you can contact me here.