Common Mistakes In A Will
Try to avoid these five common mistakes when writing your will.
1. Planning For Death Only
Wills are incomplete if they only cover what happens when you die. Wills should also include what happens while you’re alive and well. This is best accomplished with complimentary documents to the will that are known as advance directives. These are written, legally binding instructions that are designed to guide caregivers if you are unable to dictate your own wishes due to declining health.
It’s recommended to designate health care and financial powers of attorney that grant authority to a specified individual. This designated person will then make financial and medical decisions on your behalf.
2. Including Only Physical Assets
Overlooking things like banking logins, email accounts, and social media accounts is becoming far too common these days. Do not forget to include all your valuable digital assets in your will.
3. Leaving Surprises
It is crucial to discuss your future plans with family and friends before finalizing a will. Planning ahead and getting your will and other medical and legal directives in place can give you and your family peace of mind today and in the future.
4. Ignoring Beneficiaries
A will is merely one way that assets are transferred following death. Another option is through beneficiary designations on insurance policies and financial accounts. These designations ultimately trump wills.
For example, if you want to leave something to a new girlfriend or boyfriend, but your children are listed as beneficiaries on all your accounts, the wishes in your will won’t mean anything.
5. Including Funeral Wishes
Funeral and burial wishes are commonly included in a will. Unfortunately, though, wills are not typically read until weeks after the funeral. It’s suggested to tell family members your future wishes for a funeral and burial. You could also write your wishes in a letter and give it to trusted family members.
Source:
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- “Writing A Will: 6 Common Mistakes” Human Good https://www.humangood.org/resources/senior-living-blog/writing-a-will-common-mistakes
Speak With Our Estate Planning Attorneys In Phoenix, Arizona Today
Estate planning is the right thing to do for the people you love. It’s another way to say “thank you” to those who love you. Some of the decisions are hard, but at Ogborne Law, we will help you navigate these difficult decisions.
Your Arizona estate planning attorney can help you select a will or trust or both. Your estate solution will work for you. You will have the peace of mind that comes with effective planning for the future. Call 602.343.1435 or contact Ogborne Law with questions.
