Posted by: Woodfork Law | July 31, 2013

3 Common Will Mistakes

Given the many variables that go into drafting a will, it’s not surprising that many people make mistakes.  Although probably dozens, here are a few:

  • Believing you can do it yourself.  Normally when you try to draft your own will online, it will be entirely insufficient to protect your family, and meet your needs. For example, how do you know how to balance your gifts between your children? Supposed the inheritance tax laws change? Suppose you can’t have your witnesses with you when you sign your will?  Internet wills can’t help you with these important questions.
  • Not updating your will.  As your life changes, so should your will. For instance, after you carefully draft your will, in the future, you may have more children, adopt, re-marry, sell assets, receive gifts, etc.  As a result, you should review your will every few years.
  • Being too specific in your bequests.  If you are too specific in your will, you have the risk that the asset is no longer in your estate.  For example, you leave your house “located at 1234 W. Broad St. to my daughter.” If you later move, that 1234 house is no longer in your estate.  To prevent you daughter from not getting anything, a generic “my house” will allow her to get any new home you own.

http://www.woodforkandassociates.com

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