Wills: The Foundation Of Your Estate Plan

Unpacking Wills

A will is a legal document that outlines how your estate should be distributed after your death and names an executor to manage the process. It is crucial even if you have a trust because it serves as a safety net for any assets not included in the trust. This ensures that your property and assets are distributed according to your wishes and that the person you trust manages your estate.

A solid will includes the following:

• Property Distribution-Related Documents: Specifications of how you want your assets to be divided among your beneficiaries.
• Executor Appointments: Declaration of a trusted individual to carry out the terms of your will.
• Guardianships: Designations for guardians to take care of your children in case you pass away while they are still minors.

Common Mistakes To Avoid When Drafting a Will

The most significant mistake people make is not having a will at all. Other than this, be careful not to:

• Lack Specificity: Failing to clearly specify how your estate should be handled or who should manage it makes things far more complicated than necessary.
• Ignore Legal Requirements: Using generic templates or not following state-specific legal requirements oftentimes leads to unnecessary complications.
• Overlook Updates: Not updating your will after major life events like marriage, divorce, or the birth of a child can cause problems later on.

Partnering with a qualified estate planning attorney can help avoid these pitfalls and ensure that your will meets all legal standards.

For more information on Wills, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 449-5777 today.