What Are the Most Common Mistakes People Make When Creating a Will?

What Are the Most Common Mistakes People Make When Creating a Will?

In many ways, a will is the blueprint for your legacy, ensuring that the assets you have worked so hard for are distributed precisely and to those you care about most. Yet, even the best intentions can fall short if this crucial document isn’t prepared correctly. A poorly constructed will can lead to family disputes, unnecessary legal costs, and probate headaches for your loved ones.

At TrustMasters, we understand that the many aspects of estate planning, including the requirements for wills, can feel overwhelming. Our team is dedicated to helping you navigate these decisions with compassion and professionalism. We believe that everyone deserves a secure future, regardless of the size of their estate. That’s why here, to help you protect your loved ones through your estate plan, we identify three common pitfalls people encounter when drafting their wills.

1. Not Knowing What to Include (and What to Leave Out)

One of the biggest hurdles encountered in estate planning can simply be not taking inventory. Many people assume a will covers “everything,” but the reality is more nuanced. If you fail to be specific, or if you attempt to include assets that cannot legally pass through a will, you risk holding up the probate courts and delaying the inheritance process.

When listing your assets, consider the following carefully:

• Digital Assets: In our modern age, your digital footprint, including social media accounts, cryptocurrency, and cloud storage, is property that needs direction.
• Sentimental Items: Sometimes the biggest family disputes arise not over money, but over who gets a specific piece of jewelry or a family photo album.
• Beneficiary-Designated Assets: Life insurance policies and 401(k) retirement accounts often have their own designated beneficiaries. These supersede what is written in wills, so attempting to redistribute them in your will can cause legal conflicts.

Considering your assets in their entirety and your family’s future needs can help you plan your will appropriately.

2. Failing to Update the Document

A will is not a “set it and forget it” document. Life is constantly evolving, and your estate plan needs to evolve with it. A will written ten years ago may not reflect your current reality, potentially leaving new family members unprotected or ex-spouses with unintended claims to your estate.

You should review your will with a professional whenever a major life event occurs, such as:

• Marriage or Divorce
• Birth or Adoption
• Purchase of Property
• Loss of a Loved One

If no major life changes occur, it’s still good practice to review and update your will as needed every three to five years.

3. Avoiding Professional Help

The rise of DIY has led many to believe they can draft a will on their own. While this might seem like a cost-saving measure, generic forms often fail to account for state-specific laws or complex family dynamics. A single missing signature or ambiguous phrase can even render the entire document invalid. Working with a professional is crucial to verify that your will is sound and able to be upheld.

If you can’t afford hourly fees but need professional assistance, where can you turn? At TrustMasters, we offer a middle ground. As licensed and bonded document preparers, we provide professional, legally sound document preparation for a flat fee. We guide you through our streamlined, yet personalized process, providing you with a professionally-reviewed will without the intimidation and cost of a traditional law office.

Secure Your Legacy with Confidence

Estate planning doesn’t have to be scary or expensive. By avoiding the common mistakes of omitting key assets, neglecting updates, and skipping professional guidance, you’re well on your way to having a valid, thorough will. This kind of thoughtful preparation allows you to rest easy knowing your family is protected.

Don’t leave your legacy to chance. Contact TrustMasters today to schedule a free consultation, or sign up for one of our educational workshops to get started. Let us help you build an estate plan that offers true peace of mind.