Did you know that 43% of adults over 55 had wills in 2024? According to a USA Today report citing research from Caring.com, that’s down from 48% in 2020, and 46% in 2023. While estate planning saw a surge in interest during the pandemic, interest has declined.
Some people shy away from estate planning, trusts, and wills under the mistaken belief that focusing on such things will hasten their passing. But that’s a misconception. People who prioritize such matters while they still can tend to have greater peace of mind. It’s about caring for the people you love the most so they’re okay after you’re gone.
If you plan to draft a will so that your wishes are respected and carried out, here are five mistakes to avoid.
- Doing It Independently
While you can do many things yourself, it’s best not to consider drafting a will a DIY affair. Remember, you can use a will to distribute assets after your passing. But if you do it independently without help from an estate and trust lawyer, anyone who doesn’t like your will can contest it in court. A judge may, if there are mistakes in your will, strike it down. If there are people you want to support and people you don’t want to have your assets, a will is the answer.
But if you don’t do things the right way, that might be all it takes for your written intentions to be ruled null and void. Legal assistance can prevent such an outcome.
- Failing to Select the Right Executor
Another mistake to avoid is choosing the wrong person to serve as executor. It should be someone you know and trust since that person will ensure your assets are distributed as you wish. Choosing the wrong person could throw a wrench in your plans. So, ensure the executor has the integrity and backbone to do exactly as you say.
- Failing to Select Guardians for Your Young Kids
If you’re drawing up a will, don’t forget your children. You need to specify who you want to take care of your children if you die before they’re old enough to care for themselves. And don’t forget to secure the guardian’s permission first. Leaving money for your kids is a good thing, but so is mentioning in a will who you want to be their guardian.
The last thing you want is to leave the decision to a judge. They might make decisions that you would never have approved of. So, you need to choose the right guardian and ensure you earmark enough financial resources and assets for the guardian to take proper care of your children.
- Neglecting to Update It
Another error you should avoid is neglecting to update your will when there are material developments. If there are relationship changes like marriages or divorces, for instance, it’s time to see an estate and trust lawyer for help keeping your will up to date. You’ll also want to make changes to your will if you have more children or if you experience a boost in personal wealth. These types of life changes warrant updating your will.
- Distributing Assets Unequally Without Explanation
One thing to avoid is leaving unequal quantities of money to different people without clear explanations. While you can do what you want with your money, what you do can cause resentment and jealousy that destroys family unity.
If you’re going to leave unequal sums, you should explain why you’re doing so. A will is a perfect way to convey this information. It’s about doing your best to prevent discord in the family and lessening the odds of people challenging the legality of your will in court.
You’ll want to avoid these errors at all costs. Finding an estate and trust attorney to help you prepare a will can help you avoid these issues. It makes sense to set up a will, but doing so can cause problems if you make mistakes like the ones discussed above.
