Share:

Your will allows you to put every detail of your affairs in order before you pass on, providing peace of mind. When drafting the document, however, those details need to be right, from the valuation of assets to the signatures of witnesses. Errors make a will easier to dispute and can even render it invalid.

Avoid These 5 Mistakes When Drafting a Will

attorney1. Failing to Research Local Laws

Every state has different laws regarding wills; for instance, how many witnesses must sign the document. Always check the laws in your area and, if you move to a new state, make sure to update your will accordingly.

2. Neglecting to Include Essential Elements

A comprehensive list of your assets isn’t just about physical property, like houses and cars. It also includes items like retirement benefits and savings accounts. Additionally, a will can include your wishes for funeral arrangements.

3. Forgetting the Business

If you have a business of your own, make sure to include a plan for it in your will. Who will run the business? How will shares be distributed among beneficiaries? Can the business be sold after you pass or do you want it to stay in the family?

4. Failing to Make Revisions

A will isn’t a document you draft once and leave it as is. You should revisit your will annually to check that it is still up-to-date. Have you acquired or lost assets? Are there new beneficiaries, such as grandchildren, to add? Are you satisfied with the same funeral arrangements?

5. Not Consulting an Attorney

An estate planning attorney will help you write your will to avoid all of the above mistakes. A lawyer can also help you find ways to minimize probate and lessen the burden of taxes.

 

For estate planning assistance in Honolulu, look to Wills and Trusts Hawaii. These caring legal professionals will counsel you regarding your options and prepare documentation for you, like wills and living trusts. They are known for their compassionate and honest approach to clients. Use their online contact form or call (808) 792-8777 to schedule a free consultation.

tracking