Arguably the most important legal document in an estate plan is the will. A will allows the testator to decide how their assets are managed after they pass away. An estate plan is often centered around the instructions in a will. As such, it is important not to make any mistakes when making a will.
There are a few simple mistakes that can happen as people draft their will. Here are a few common mistakes:
Mistake #1: Forgetting to get signatures
For a valid will, the testator needs to sign their will. The testator’s signature shows that a will is authentic. The testator should also have their will signed by two witnesses. These witnesses should not gain anything from the will. Without any of these signatures, the will would be invalid.
Mistake #2: Leaving your assets to one beneficiary
A beneficiary is someone who can benefit from an estate. Testators can name anyone as their beneficiary in their will. Testators may want to consider naming more than one person as their beneficiary. A secondary beneficiary could benefit from an estate if the primary is not available.
Mistake #3: Not updating your will
Over time, the testator’s last wishes may not match what they had previously drafted. The testator can alter their estate plan at any time. Leaving a will outdated could create issues for beneficiaries.
Mistake #4: Making a will using an online template
Testators have several options when drafting their will. One such option is an online will template. However, testators should be cautious about using online will templates because some of them are not valid.
Legal guidance is available to help testators draft their wills without having to worry about mistakes that could put your estate goals in danger.
