Your will is the last gift you will leave your loved ones. Whether you are rich, poor, someone young and healthy or a person that needs elder care help, it is important to leave instructions on what you want done with your remaining assets. By creating a will you are taking away a lot of stress for your remaining family and friends. Here are some very simple tips to help avoid any issues with your will after you are gone.
One thing that very few people consider but can be a major issue after your gone is who helped you write your will. If a person who would benefit from your will helped you put it together it can be easily contested in a court of law. This is very important to remember because it is so common. Most people do not put together their will until much later in life. Because of this they often ask one of their children to help them. Now if any of the other children don’t agree with what was left them, they can very easily make the claim the sibling influenced the parent.
It is important to remember to have at least two witnesses sign your document. It is extremely important to make sure that your witnesses do not benefit from your will. For the same exact reasons as above.
If you have assets that are likely to be taxed after your passing you should seek financial advice. There are many ways to spread out the liability that are perfectly legal. You don’t want to leave any of your beneficiaries a big tax bill. You know the old saying, “There are only two things certain in life, death and taxes.”
You should also review your will on a regular basis. Things change. People that you were close to and trusted 10 years ago when you originally wrote your will you may no longer feel the same about. Also your assets and overall life situation may have change over time and you would want to make the proper adjustments to the document.
Don’t be cheap. If you have substantial assets or a little bit more complicated living arrangement (ex-wives / husbands, step…