Writing a will is one of the most critical steps in estate planning, yet many people make mistakes that can lead to confusion, family disputes, or unintended consequences. A poorly written or outdated will can leave loved ones with unnecessary legal and financial burdens. Below, we’ll explore the most common mistakes people make when writing a will and how to avoid them.
1. Not Having a Will at All
One of the biggest and most common mistakes is not having a will at all. Many people assume they don’t need a will because they don’t have significant assets, or they think their family will “figure it out.” However, without a legally valid will, the state where you reside decides how your assets are distributed. This process—known as intestate succession—follows strict legal rules that may not align with your wishes.
For example, if you’re unmarried but have a long-term partner, they might receive nothing if you pass away without a will. If you have children, the court—not you—will determine their inheritance and guardianship. By using Gentreo, www.gentreo.com, you can easily create a legally valid will that ensures your wishes are followed.
2. Forgetting to Update the Will
A will is not a “set it and forget it” document. Life circumstances change, and failing to update your will can result in outdated instructions that no longer reflect your wishes. Major life events that can prompt an update include:
- Marriage or divorce
- Birth or adoption of a child
- Death of a beneficiary or executor
- Acquiring significant assets (home, investments, business)
- Moving to a different state with different estate laws
With Gentreo’s Digital Vault, updating your estate plan is simple. You can make changes as your life evolves and ensure your loved ones always have access to your latest will. Note that you need to get your new, updated will signed and notarized if your state requires that.
3. Choosing the Wrong Executor
An executor (or personal representative) is responsible for carrying out your will, handling your estate’s finances, and ensuring your assets are distributed correctly. Many people automatically choose a spouse or oldest child without considering whether they’re the best fit.
Common mistakes when selecting an executor include:
- Choosing someone who is not financially responsible
- Picking an executor who lives far away and will have difficulty managing the process
- Not naming a backup executor in case your first choice is unavailable
- Choosing a family member who may cause conflict or disputes
It’s crucial to select someone trustworthy, organized, and capable of handling financial and legal responsibilities.
4. Being Too Vague in Asset Distribution
Leaving vague instructions in a will can cause confusion and disputes among family members. For example, stating, “Divide my assets equally among my children” may seem straightforward, but does this include real estate, sentimental items, or business shares?
To avoid disputes:
- List specific assets and who should inherit them (e.g., “My diamond ring goes to my daughter, Sarah.”)
- Consider how to divide jointly owned property
- Clearly define percentages if dividing assets among multiple beneficiaries
5. Overlooking Digital Assets
In today’s digital world, people often forget to include online accounts, cryptocurrency, social media, and cloud storage in their wills. If you don’t provide clear instructions, your family may struggle to access or manage these accounts.
Gentreo’s Digital Vault allows you to store important information about digital assets, ensuring your loved ones can access them when needed.
6. Not Naming a Guardian for Minor Children
If you have children under 18, failing to name a legal guardian in your will means the court decides who will care for them if something happens to you. This could result in a decision that doesn’t align with your values or preferences.
When choosing a guardian, consider:
- Who shares your parenting values?
- Who has the financial and emotional ability to raise your children?
- Would the guardian be willing to take on this responsibility?
Clearly naming a guardian in your will ensures your children’s well-being and avoids legal disputes.
7. Ignoring Debts and Taxes
Many people assume their assets will automatically transfer to their heirs, but outstanding debts, taxes, and probate costs can reduce what’s left. If not properly planned for, your estate may not have enough to cover these costs, forcing your heirs to sell assets or take on financial burdens.
A well-prepared estate plan should:
- Account for debts and taxes
- Consider life insurance or other financial tools to cover expenses
- Use trusts or other legal strategies to minimize taxes
8. Not Making the Will Legally Valid
A will must follow specific legal requirements to be valid, including:
- Being signed in front of witnesses
- Meeting state-specific laws regarding execution
- Avoiding handwritten or verbal instructions, which may not be recognized in court
DIY and free wills often fail to meet legal requirements, leading to them being contested or thrown out in court. Gentreo helps ensure your will is properly executed and legally valid.
9. Assuming a Will Covers Everything
A will is only one part of an estate plan. Many people assume it covers everything, but:
- Assets with named beneficiaries (life insurance, retirement accounts) bypass the will
- A will doesn’t cover medical or financial decisions if you become incapacitated as a will only kicks after you pass away
- A will must go through probate, which can be time-consuming and costly
A complete estate plan should include:
- A power of attorney for financial decisions
- A healthcare directive for medical choices
- Beneficiary designations for life insurance and retirement accounts
10. Storing the Will in the Wrong Place
A will is useless if no one can find it. Keeping it in a safe deposit box may require a court order for access, and paper copies can be lost, stolen, or damaged.
With Gentreo’s Digital Vault, your will is securely stored and accessible to your loved ones when needed and you can let others know where the physical copy is located.
11. Failing to Communicate Your Wishes
Many families face disputes because the deceased never discussed their estate plan. While it may be uncomfortable, having conversations about your wishes, assets, and estate planning decisions can prevent confusion later.
12. Relying Only on a DIY Will
DIY wills can be risky. Many free templates don’t account for state laws, legal complexities, or unique family situations. While a simple will might work in some cases, an online estate planning solution like Gentreo ensures your will is customized and legally sound.
Gentreo makes estate planning easy, affordable, and accessible. By avoiding these common mistakes, you can protect your loved ones and ensure your wishes are carried out smoothly.
Don’t wait until it’s too late; start your estate planning journey with Gentreo today. By doing so, you’ll not only protect your loved ones but also gain the peace of mind that comes with knowing your legacy is secure. Click HERE to join now.
This article is for informational purposes only and should not be considered legal advice. Consult with a qualified attorney or estate planning professional for personalized guidance.
