Nearly Half of Americans over 55 Do Not Have a Will.  And, a great number of those that does have a will, have likely made a few simple mistakes, which can lead to your will be contested or made invalid.

Make sure you have not made these mistakes:

-1-  Not letting family know that you have a will

Having a will is useless if nobody knows it exists. Make sure your executor and other trusted family member know where to look for your will when the time comes.

Be sure to leave it in a secure place that is still accessible – like a locked drawer, home safe, home office drawer.  You should consider giving a copy of your will to the person that you named as your executor.

 

-2-  Getting the Executor Wrong

Choosing an executor to take ownership of administering your estate is such a vital role, yet so many people forget to name one, or choose poorly.

The executor will be responsible for ensuring that your estate is properly distributed, as well as for arranging and paying for your funeral and other administrative expenses. Therefore, nominating an executor who isn’t capable of or willing to do the paperwork and organizational duties required could cost your estate time, money or both.

It isn’t necessary to hold any professional qualifications to act as executor. You can choose a friend or relative or appoint an independent organization. If no executor has been named in your will, the probate court will appoint one; however, that person may not have been your first choice.

 

-3-  Forgetting Assets

Failing to take proper inventory of your assets is another pitfall. Most people remember the tangible assets like a car, house, real estate, and jewellery, but often people forget financial assets.

When making a list of assets to leave your loved ones, be sure to include all of the bank accounts, bonds, stocks, shares and any other potential funds you may have. Keeping a list of both the tangible and intangible assets will ensure you’re not accidentally leaving anything significant out of your will.

 

-4-  Having an Outdated Will

Many people underestimate the impacts of big life events. As well as updating your will if you get married, divorced, have children or simply change your feelings about Uncle Frank.  Other life events  that could require a change to your will may include:

• the birth of another child or grandchild
• the death of a loved one
• buying a new home or another significant investment

 

-5-  Not Covering Competency Issues