When people think of what they should do to prepare for their death and to ease the financial burden placed on their loved ones, the first thing that typically comes to mind is to create a will. We have been conditioned to think that having a will makes everything clear cut and that our loved ones will have less to worry about upon our death. While this is true in many instances, it is also not quite accurate. Yes, having a will is beneficial, but having a will that is incomplete or unclear can be just as good as not having one at all. Here are two things that you do not want to leave out of your will.
- This goes without saying, but do not leave any assets out of your will. You should leave clear instructions as to who gets what in terms of your financial property, but also your physical property and other assets. It is important that you are clear in these instructions. If you leave part or all of your instructions as simply “to be divided equally amongst [insert name],” then you are opening the door to a lot of arguing and disagreement amongst your loved ones after your passing; people ascribe more value to an object for a number of reasons, making it difficult to evenly split an estate in this manner.
- Not naming a backup executor is another item that people commonly leave out of their wills. This is easily overlooked—after all, if you already have an executor, shouldn’t that be the end of it? In an ideal world, it would be, but that is not the case. If for some reason your named executor in the will is unavailable to manage your estate, the backup executor will take charge. When there is no backup, your will can face significant problems and delays. Remember, however, that the people you name as executors should be willing and able to serve as your executor.
There are many details that need to be included in a will, and it is difficult to remember all of them on your own. If you need help creating your will or if you would like a professional set of eyes to look it over, contact our offices today to schedule a consultation.