A will ensures your loved ones are well taken care of when you die. With it, you can state your wishes, from how to distribute assets to naming who will execute it. However, you should be careful when creating a will for it to be legally binding.
The following are three mistakes to avoid:
Creating the will when sick
You should create your will when you are mentally capable. This means that you should be in a position where you understand you are providing for the disposition of property after death. Besides, you need to know the nature and extent of the property and who the beneficiaries are. You should also understand that signing the will validates everything included in it.
When you are sick, you may not meet these standards. This is why it’s vital to create a will as soon as possible.
Not having witnesses
A will should have at least two witnesses who will sign, admitting they saw you sign the will, and you will also acknowledge their signatures. You should meet this requirement for your will to be valid.
Not updating your will
After you have created a will, changes may happen in your life, including the birth of a child/grandchild, a marriage or divorce, buying/selling an asset, tax law changes and so on. You don’t want your loved ones to receive an outdated will.
However, you should get professional guidance to make these changes because you already signed the will. A change in a will is an official process and should be handled as so.
Your will can protect your loved ones as you intended when you avoid these mistakes and more. It will be best to obtain adequate information to make the right moves.