No matter how much money or property you have, it’s important to make sure everything you own is being handled the way you want it to be handled when you die This is why you should have a last will written before you pass. With everything that surrounds your will, it can be hard to decide what should and shouldn’t be in your will. By avoiding including things in your will that can damage your wishes, you are assured you’re going to turn over everything to the people you love in the way you want for it to happen. Here are a few things that you shouldn’t do when you’re preparing your last will.
Never Prepare Your Will on Your Own
There are several laws surrounding the way a will is handled. You simply cannot learn everything you need to learn about will laws before it’s time to write your will. Fortunately, there are companies, like LegalZoom, with the ability to handle your will for you. These professionals know the law and they know what shouldn’t be included in your will, according to US News & World Report. Estate law attorneys can advise you about how to orchestrate your will so you actually get what you want after you pass. These professionals will ask you a series of questions to fully understand what it is you’re looking to accomplish with your will and then they will create a will in keeping with the laws surrounding will execution. There are certain tricks that can be used to protect your estate from undue taxation or other issues. Only a true will professional knows about the laws and how to write the document so it will be in keeping with all the laws. It will cost you a little more money than doing it yourself, but at least you will have the knowledge that you’re will is going to be executed the way you have determined.
The Living Will is Separate
You need a living will in case you should get so sick you cannot handle your own estate any longer. Many people will make the mistake of trying to include this in the last will, but this is the wrong place for it. The only time a last will is carried out is when you have died. If you are in the hospital, unable to do anything, but still alive, your last will does you no good. You need a separate document, living will, to let everyone know what your wishes are with your estate while you cannot make decisions. This is especially important if you have your own business. You will need someone to step into your place and run the business so there will be no interruption. Don’t make the assumption everyone will know how to handle themselves in your absence. You have to assume everything needs to be spelled out in a living will document. After all, some of your finances will not be accessible to those who need it if there’s nothing to let the courts know they have legal access to it.
Don’t Include Your Spouse in Will Planning
You do just about everything with your spouse, except for writing your last will, according to AARP (American Association of Retired Persons). This is because if you and your spouse are on the same will, it could negate the legality of your will if you die and your spouse lives on. It should always be assumed that a couple will die at separate times. Make sure you have your own last will so your spouse will receive the benefits. If you have an old spouse, children or anyone else to pass along your estate to other than your current spouse, it’s even more important to make sure that you create different last wills. This way, your estate can be handled in the way you desire and no one will give you any problems about it.
Don’t Include Anything in Your Trust
Some people make the assumption that every asset needs to be included in the last will. In fact, if you have a trust, you don’t have to include anything that’s in the trust in your last will. You should also avoid the mistake of thinking your trust will handle everything in your estate. There are going to be certain holdings or pieces of property the trust does not include. By having a last will, you not only help to let people know where you want your estate to be doled out to, but it can also lay out the groundwork for how the trust is handled. You should work with the same lawyer who drafts your living trust to help you in creating your last will. This way, you’ll have the peace of mind that everything is covered between the two documents and that your estate is being handled correctly.
