A will is an incredibly important document when it comes to planning your future. A will allows you to determine how your assets will be divided in the event of your passing. It also allows you to leave gifts and meaningful mementos to your loved ones. Because a will is such an important document, there are a lot of things that can go wrong if not executed properly. Read on to learn the biggest mistakes you can make when it comes to your will.
You Don’t Make a Will
Some people are under the false pretense that you only need a will if you are a person of certain means. This is not the case. We all have assets that we care about and plans for our futures. A person who dies with a will dies “testate,” and someone who does not have a will dies “intestate.” If you pass away without a will, your assets will likely be divided at the discretion of a Michigan court. This can cause a lot of legal trouble for your loved ones.
You Only Make a Will
It’s important to have a will, but there are many other documents that come into play in the estate planning process. You may also want to create trusts, a power of attorney, a health care directive, and more. A will is not enough to cover all of your wishes. A skilled estate attorney can help you make sure you have covered all of your bases.
You Don’t Update Your Will
As your life changes, you will need to change your will. The most common reasons to update a will include the adoption or birth of a child, marriage, divorce, remarriage, and the loss of a loved one who was included in the will. Failing to update your will can mean excluding a loved one, or including someone you may no longer want in the will.
You Do It Yourself
The best way to avoid all of the above issues is to retain a skilled estate planning attorney. Additionally, there are certain requirements that must be met to ensure that your will is considered valid. If you make a mistake when creating or filing your will, it may be considered invalid. While DIY will-writing websites may seem quick and easy, they can be much more trouble than they’re worth.
If you’re ready to begin the estate planning process, reach out to our firm today.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis & Griffor today to schedule a consultation.