7 Things You Should Not Do With Your Will

A well-prepared will is a cornerstone of responsible financial planning, ensuring that your assets will be distributed precisely as you intend. It serves as a testament to your wishes, ensuring a smooth transition of your estate to your chosen beneficiaries. However, overlooking crucial details in this document can lead to unintended consequences. Regarding the complex process of crafting a will, some common missteps can greatly impact an estate plan. By removing these pitfalls, you can prevent costly snags and create a reliable estate plan that properly safeguards your legacy. Let’s explore seven of the most detrimental mistakes to avoid when creating a will. 

Leaving Out Assets 

One of the most prevalent errors in will-making is omitting certain assets. It's easy to overlook specific items or accounts, especially those that may not be immediately apparent. Commonly, tangible assets like jewelry, artworks, or family heirlooms can slip through the cracks. Additionally, intangible assets like digital properties, intellectual rights, and cryptocurrencies are frequently left out of consideration.

The consequences of this omission can be significant. Undesignated assets may become subject to legal complications, causing delays and added stress for your loved ones during the probate process. Moreover, it could lead to disagreements or disputes among beneficiaries over these unaddressed properties. To ensure a seamless and equitable distribution of your estate, it's crucial to take an all-encompassing approach and meticulously account for every asset you possess. 

Using Vague Language 

In crafting a will, the power of language cannot be overstated. Clarity and precision are paramount to ensuring your intentions are understood without room for misinterpretation. Unfortunately, vague language is a pitfall that many fall into. Words or phrases lacking specificity can leave room for confusion and differing opinions about your intended meaning. 

For instance, "fair share" or "personal items" are too ambiguous. Without specific definitions, these terms can be open to wide-ranging interpretation. What may seem equitable to one person may differ greatly from another's perspective. This ambiguity can, in turn, lead to disagreements or even legal disputes among beneficiaries, potentially fracturing familial relationships at a time of grief.

To avoid this, remember to define and articulate your wishes meticulously. Leave no room for doubt. By employing precise language, you provide a clear roadmap, ensuring your intentions are followed with the utmost fidelity.

Not Updating Your Will 

A will is not static; it reflects your current circumstances, intentions, and relationships. Failing to regularly review and update your will can lead to problematic outcomes. Life is dynamic, marked by significant events such as births, deaths, marriages, and divorces. Each of these milestones can profoundly impact your familial and financial situation. Without reflecting these changes in your will, assets may be distributed to unintended recipients, or, conversely, beneficiaries could miss out on their rightful shares. 

Also, an outdated will may not align with current legal standards or adequately address new assets or liabilities. This misalignment can lead to lengthy legal battles and unnecessary expenses. By routinely revisiting and revising your will, it can consistently reflect a true testament to your wishes, honoring the current state of your life and relationships. 

Not Selecting the Right Executor 

Your executor is responsible for carrying out your wishes and overseeing the smooth administration of your estate. Selecting someone who is not up to the task can present critical snags. Your chosen executor should possess organizational skills, financial understanding, and a high degree of trustworthiness, as this person will be tasked with duties ranging from managing assets, settling debts, distributing inheritances to communicating with beneficiaries, and overseeing legal procedures. 

You are leaving your estate plan in unreliable hands by appointing someone who cannot or is unwilling to handle these responsibilities. Delays, disputes, and financial mismanagement are just some potential consequences. Sometimes, the court may need to appoint a suitable administrator, adding unnecessary stress and uncertainty. 

Not Telling Your Loved Ones 

Another crucial aspect of effective estate planning often goes overlooked is open communication with loved ones. Initiating a candid conversation about your will and its contents can be invaluable. Consider meeting with your trusted relatives and friends to discuss these important details. During this conversation, you can clarify the document's existence, its provisions, and where it is securely kept. Failing to inform your loved ones about your will can lead to many complications. Your family may be left in the dark about your final wishes without knowing its existence or contents, resulting in confusion, frustration, and delays. 

Not Keeping Your Will in a Safe Place 

Failing to store your will in a safe place can lead to disastrous consequences. An inaccessible or lost will render your carefully laid plans ineffective, forcing the courts to rely on outdated or incomplete information. Storing the most up-to-date version of your will securely is essential to prevent mishaps, damage, or loss. Common safekeeping options include a bank's safe deposit box or a fireproof safe in your residence. These locations protect from potential hazards like theft, fire, or water damage. Most importantly, make sure your loved ones and executor know where your will is located. 

Neglecting Contingency Planning 

In crafting a will, it's important to consider the present circumstances and potential future scenarios. Neglecting to plan for contingencies can leave gaps in your estate’s distribution. 

One of the key aspects of contingency planning involves accounting for situations where beneficiaries may predecease you. This unfortunate possibility, while difficult to contemplate, must be addressed. Without provisions, assets intended for a specific individual may become a point of contention or remain undistributed. 

To prevent this, it's essential to specify alternate beneficiaries or create contingent bequests in your will. This means naming secondary recipients who would inherit if your primary beneficiaries cannot do so. By outlining these provisions clearly, you ensure that your assets are allocated in a manner that aligns with your intentions, regardless of unforeseen circumstances.  

Why You Should Speak to Your Georgia Estate Planning Attorney 

While it might be tempting to draft a Georgia will independently, the complexities and legal nuances make professional counsel invaluable. A seasoned Georgia estate planning attorney has the expertise to navigate the intricate web of laws and regulations, guaranteeing that your wishes are clearly documented and legally binding. An attorney can help you avoid common mistakes and assist with other aspects of estate planning, such as advance healthcare planning and creating or revoking powers of attorney. 

Call an Experienced Georgia Estate Planning Attorney Today 

If you need assistance creating or revising your will or estate planning documents, Jammie Taire at Perimeter Law Group, formerly SmithTaire Legal team, can help. We educate our clients on their estate planning options and ensure their final wishes are legally binding. Call us at 678-253-8133 if you have questions about your estate planning or wish to meet with an experienced Georgia Estate Planning Attorney.