The 5 Biggest Mistakes in Your Will

Putting your final wishes into a will can feel a bit intimidating. Your will is one of the most important legal documents you’ll ever draft. It’s important to get it right. In it, you can outline how your assets must be distributed after your death. Whether you have amassed significant wealth or just have a few modest possessions, you should have the final say in what happens to your earthly belongings. A will is the best way to make sure your wishes are honored.

Without a will, your loved ones could end up fighting over your estate. Worse yet, a judge could decide how to distribute your belongings if your family can’t come to an agreement. Even knowing this, fewer than half of all Americans have legal documents outlining how they want their estate and other financial assets to be distributed when they die.

What’s the hold-up with drafting a will?

Procrastination can be a contributing factor in more people not having wills. You always think you have more time, but sometimes life has other plans. It’s best to be prepared, even if you think you are young and healthy and have nothing to worry about.

Working with an experienced estate attorney can keep you on task and ensure your final wishes are captured. A knowledgeable estate attorney also can help you avoid the five biggest mistakes most people make in their wills.

Mistake #1: Assigning co-executors

Never assign more than one executor to your will. One of the biggest mistakes you can make is to assign more than one person to oversee your final wishes. That’s how in-fighting and contested wills happen.

Let’s say, for instance, you have more than one child. In fairness, you want to give each of them a voice in administering your estate. While it might sound equitable, it’s a recipe for disaster. You can be setting your children up for a lot of arguments and disagreements over how things should be handled should their opinions differ.

A better alternative to co-executors is to include a list of alternate executors should your primary executor become unavailable. The backup executors only have authority if your preferred person can no longer handle the task.

Mistake #2: Failing to plan for probate

You may think probate only happens with contested wills. That’s not true in New Mexico. If the total value of your estate exceeds $50,000, it must go through court to be probated. The only way to avoid probate is to have all assets transferred into a living trust.

Moving your real estate holdings, bank accounts, and other possessions into a living trust is crucial if you want to spare your beneficiaries the hassle of probate. An estate attorney can prepare a trust document to accompany your will that names a successor trustee. When you die, the successor trustee can transfer your assets to the trust beneficiaries without probate court proceedings.

Mistake #3: Making vague statements

Next to assigning co-executors, one of the biggest mistakes you can make in your will is to include vague statements about how to handle your assets. For example, never say “I want to leave an equal share of all my assets to all my children.” Such ambiguity can spark arguments among your beneficiaries on how to create equal shares of some assets like property.

Be specific in how every asset must be handled. If you own three properties and want your children to have an equal share of those properties, direct they be sold, and the profits divided equally among your children. Being direct saves your loved ones grief later.

Mistake #4: Forgetting to make updates

Regularly reviewing and updating the terms of your will is a must. If you draft your will when you are younger, persons to whom you’ve left assets may fall out of favor (or die). You may have new assets or sold-off ones previously mentioned in your original document.

To ensure your will is an accurate reflection of all current assets, talk with your estate attorney to schedule appointments for periodic review and updating.

Mistake #5: Burdening your beneficiaries

You know the saying, “one man’s trash is another man’s treasure?” Well, sometimes the reverse also is true. Possessions that you adore and consider valuable may be nothing more than clutter to a beneficiary. Make sure what you leave someone truly adds value to their life.

It also is important to ensure your gift doesn’t cause another person economic hardship. Let’s say you want to leave your siblings your modest savings. If your siblings are older and using government programs like Medicaid, receiving a monetary gift could disqualify them from receiving certain benefits they need. Make sure your generosity doesn’t backfire.

How to mistake-proof your will

Working with an experienced estate attorney is the most effective way to mistake-proof your will. Scott Atkinson has more than 30 years of experience in estate matters like advance directives, probate, and wills and trusts. You can rely on him to draft a legal document that ensures your final wishes are honored. Call Scott at 505-944-1050 or contact him online to schedule your free consultation today.