You have built up your assets all your life and you have made a family of your own. You’ve probably established your own business and even bought a new home for your family. That being said, at some point, we will all have to go to the afterlife. What is going to happen to your assets when you are gone? Well, that is where a Will is needed. Your last Will and Testament will be a piece of document that will highlight what asset you are going to give to a particular person.
Although you can pretty much write your Will on a piece of paper, it is still best that you have the guidance and supervision of a family attorney or a Will creator. That is because most people who create their own Wills may not know how to write it in a manner that will ensure that there will be no need for legal disputes.
You see, 52.7% of legal cases all pertain to the inheritance that the remaining heirs will receive, should someone from their family die. Of these cases, the disputes particularly focus on certain immovable assets like homes, office buildings, and so on, but there are also movable things that can be disputed as well. If you want to ensure a smooth experience for all of your heirs, read on to find out what mistakes you need to avoid when writing your Will.
Not Drafting Your Will Correctly
Your Will can be challenged if there are any details that you may have missed or are unclear. For instance, you did not take into consideration putting all of the full and correct names of your heirs, as well as what properties are given to who. If the details of the Will are ambiguous, it can be challenged by the people who are close to you such as your immediate family, extended family, and so on.
When this happens, it will require a lot of time and money to win the case, so to avoid this from ever happening, be sure that all of the information needed by the Will’s executor is stipulated in your Will.
Not Updating the Will
It is important that you create a Will as early as possible. Life can be so uncertain, which is why you want to put into writing who receives your different assets.
Do not worry, a Will can actually be updated as needed. All you have to do is consult your attorney and they will walk you through the entire process.
Not Getting the Right Executor
When you die, you will need someone that will execute your Will, which is why want to get the services of someone that you can trust. Furthermore, you also need to get someone who is relatively young so that they will not disappear from this Earth much sooner than you.
Giving Your Minor Children Some Assets
Although you want to ensure that you give your children some of your assets, it is important that you appoint a legal guardian that will act as their representative. Since they are minors, they are not allowed to get the assets themselves, which is why a guardian is required to hold on to the assets until they are of legal age.
That being said, if you are married, your spouse can legally be appointed to become the guardian of your children. If you are widowed or legally separated from your partner, then you can appoint someone that you can trust.
Not Planning for a Terminal Illness
In the event that you are going to suffer a terminal illness or a condition that will keep you disabled, then you need to have prepared for such situations which makes a Will as early as possible makes sense.