Common Mistakes When Creating A Will

Up to this point we have discussed practical concerns with wills as documents that are susceptible to error. However, wills are more than just words on paper; they can serve as important planning tools to guide the rest of your life and preserve your assets after death. Below we discuss common mistakes and misconceptions people experience when deciding to create a will. Naming the Wrong Executor The “executor” is the person or people responsible for settling your estate once you pass. This person should be someone you trust to carry out your wishes. Your executor could be a family member, friend, licensed professional, or anyone you feel appropriate. Regardless of who you choose, it can be a mistake to name an executor who is not trustworthy, or who may not have your best interests at heart. Your executor should also be someone capable of managing the tasks associated with settling an estate, like communicating with beneficiaries, working with your attorney, and accounting for assets. It is important to carefully consider the people in your life to ensure you name the best person for the job. Not Accounting for Intangible Assets The first thing that comes to mind when creating a will is often how to dispose of tangible, personal property. That is, your personal belongings like clothing, artwork, furniture, and the like. While a will certainly will help you dispose of those assets, it is also important to remember to include your intangible assets. Intangible assets would include things like bank accounts, stocks, bonds, and others. A will should be all-encompassing to distribute all of your assets to those people or other beneficiaries you choose. Only Planning for Death The most obvious purpose of creating a will might be to plan for the distribution of your estate upon your death. But a will can be complemented with additional document like Advance Health Care Directives and Durable Powers of Attorney for Finance. These documents can help you plan in a more comprehensive way, accounting for scenarios that might occur before death, such as a period of incapacity or illness. A will allows you to decide who will settle your affairs when you pass, but pre-death authorizations like those mentioned above let you decide who will help manage your personal and medical affairs while you are still living. Planning for the rest of your life and your passing is the most comprehensive way to create a will estate plan. Weiner Law 12707 High Bluff Drive Ste. 125 San Diego, CA 92130 (858) 333-8844 https://weinerlegacylaw.com/