A will is a crucial legal document that allows you to distribute your assets and properties according to your wishes after your death. Despite its importance, many individuals tend to make mistakes when creating their wills, potentially leading to disputes and misunderstandings among the beneficiaries. Here are four common mistakes that people make when creating a will and how to better avoid them. 

Not Updating the Will

One of the most common mistakes people make is treating their will as a one-time document. Life is a constant change, with new assets acquired, relationships changing, and new members added to families. Therefore, it is essential to update your will to reflect these changes. If you do not update your will, it may lead to confusion and potential disputes among your beneficiaries. It is recommended to review and update your will every few years or after any significant life event, such as marriage, divorce, birth of a child, death of a beneficiary, or acquisition of substantial assets. You can never predict what can occur in life. 

Lack of Clarity

The purpose of a will is to clearly articulate your wishes for your estate after your death. Unfortunately, many wills are often ambiguous or unclear, leading to misinterpretations and potential legal battles among beneficiaries. To avoid this, ensure that your will is as specific and clear as possible. Detail which assets go to whom and in what proportion. You should hire a professional who can help you articulate your wishes clearly and legally. This will ensure there is zero confusion, and all assets are accurately assigned. 

Choosing the Wrong Executor

The role of an executor in a will is to carry out your wishes as stated in the document. Choosing the wrong executor can lead to delays, mismanagement of assets, and potential conflicts. Many people make the mistake of selecting an executor based on emotional ties rather than their ability to handle the responsibility. When choosing an executor, consider their organizational skills, reliability, and ability to deal with financial matters. It is also advisable to have a conversation with your chosen executor to ensure they are willing and able to take on this role. It may be a hard conversation, but a necessary one. 

Not Considering the Tax Implications

Inheritance and estate taxes can significantly impact the value of the estate that your beneficiaries receive. Many people overlook tax considerations when creating their wills, which can lead to their beneficiaries receiving less than they intended. Consult with a tax professional or attorney to understand potential tax liabilities and how to mitigate them. You may need to adjust the distribution of your assets or set up trusts to minimize the tax burden on your beneficiaries.

If you or someone you know is needing assistance in will and estate planning, contact Spangler Estate Planning. The team works hard to ensure that all of your needs are properly taken care of with the highest respect. The help understand your goals,organize the assets, and see to it that wishes are honored. Contact them by calling (336) 252-1033 or visiting their website.