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Top 7 Mistakes People Make When Creating a Last Will and Testament

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Creating a Last Will and Testament is an essential step in ensuring that your wishes are honored, and your loved ones are cared for after your death. Mistakes made in the process, however, can lead to complications, delays, or disputes during the probate of your estate. To help avoid such unwanted outcomes, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss the top seven mistakes people make when creating a Last Will and Testament.

  1. Failing to Properly Execute the Will: A Will must meet specific legal requirements to be valid. These requirements vary by state but typically include having the Will signed by the testator (the person making the Will) in the presence of witnesses. In some states, the witnesses cannot be beneficiaries. Neglecting these formalities may render the Will invalid, leading to intestacy laws dictating how your estate is distributed. To ensure compliance with the law, consult an experienced estate planning attorney.
  2. Leaving Ambiguous Instructions: Vague or unclear language in a Will can lead to disputes among beneficiaries. For instance, if you state, “I leave my belongings to my children,” without specifying what items or how they are to be divided, it may cause confusion. Detailed instructions about who inherits specific assets can prevent misunderstandings and potential litigation.
  3. Overlooking Digital Assets: In today’s digital age, your estate includes more than physical property and financial accounts. Digital assets, such as social media accounts, cryptocurrency, and online banking information, are often overlooked. Include instructions for accessing and managing these assets in your estate plan. This ensures your online presence and digital wealth are handled according to your wishes.
  4. Failing to Update the Will: Life changes such as marriage, divorce, the birth of a child, or the death of a beneficiary necessitate updating your Will. Neglecting to revise your Will after major life events can lead to unintended consequences, such as an ex-spouse inheriting assets. Periodically reviewing your Will and updating it as circumstances change ensures it reflects your current wishes.
  5. Not Naming an Alternate Executor or Beneficiary: Selecting an Executor and beneficiaries is a critical aspect of creating a Will. However, failing to name alternates can lead to complications. If your chosen Executor cannot serve or a beneficiary predeceases you, the court may step in to make decisions. Naming alternates provides a backup plan and prevents delays or disputes during probate.
  6. Ignoring Potential Tax Implications: While many estates are not subject to federal estate taxes, larger estates may face significant tax liabilities. Additionally, state inheritance or estate taxes may apply. Ignoring these potential tax implications can reduce the value of what you leave to your beneficiaries. A comprehensive estate plan that includes tax planning can help minimize the tax burden on your estate.
  7. Relying Solely on DIY Will Documents: Do-it-yourself Will documents that you found on the internet may seem like a cost-effective option, but they can lead to significant problems. These kits often fail to account for state-specific laws and unique circumstances, such as blended families or special needs beneficiaries. Additionally, the templates may not provide the flexibility or precision required for complex estates. An attorney can tailor your Will to your specific needs, ensuring it is legally sound and addresses all potential issues.

Avoiding these common mistakes when creating your Last Will and Testament can save your loved ones from unnecessary stress, disputes, and delays. Working with an experienced estate planning attorney and taking the time to carefully draft and update your Will are the best ways to ensure your wishes are honored and your estate is distributed according to your intentions.

Can We Help You Avoid Common Mistakes When Creating Your Will?

For more information, please join us for an upcoming FREE seminar. If you need assistance creating your Last Will and Testament, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.

Scott Schomer, Estate Planning Attorney
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