Five Common Mistakes Made in Wills

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We all know that having a last will is a way to make certain that your wishes regarding the distribution of your assets are followed. Once you have everything in place, you can breathe easy, right? Before exhaling, take a look at the following common mistakes made in wills. By doing so, you may hopefully avoid some predictable—but entirely preventable—traps.

1. Remember to Update Your Will

You really meant to get around to updating your will after your divorce, the birth of your child, your big move, the start of your now-blossoming business, but you just haven't found the time. The right time is now.

When you have experienced a major life change or change in financial circumstances, such as a move to another state, birth, death, marriage, or the opening of a new enterprise, you must take another look at your last will. Failure to do so could result in unintended bequests and inheritances, and leave your estate in one big mess. The importance of naming guardians for your minor children in the event of the death of both natural parents cannot be stressed enough.

2. Remember to Provide for the IRS

The Internal Revenue Service, as well as your state tax system, is surely on your mind at least once a year—probably mid-April. Add another time: When writing your will, you cannot afford to forget about estate taxes, the laws of which are constantly changing.

One of the most common mistakes people make when they create last wills is assuming that their estates aren't worth enough to come under the estate tax system. The truth is, even though certain property isn't in your estate, it still may be taxable. Assets such as life insurance proceeds, trusts, and retirement plans could be included in your estate for tax purposes.

3. Remember to Appoint a Proper Executor

Your executor will be the one who administers your estate, so choose wisely. If your chosen executor can no longer serve in this capacity for whatever reason (e.g., no longer of sound mind, has moved out of the country), you need to change your will.

4. Remember to Include Intended Beneficiaries

This mistake may or may not coincide with one's failure to update a last will, but regardless, you should very carefully consider who exactly you want named as a beneficiary in your will.

Also, if you are intentionally leaving someone out of your will or providing for distribution in an unusual way, you might want to include why you have done this to prevent challenges after your death.

Another note on beneficiaries: some states prohibit a beneficiary who also served as a witness at the will's signing, so it's usually best to have witnesses who are not named elsewhere in the will.

5. Don't forget to Dispose of Everything

It's important to carefully consider your assets and include a provision for everything that you wish to distribute to your beneficiaries. It is also a good idea to provide some what-if provisions in the event that a named beneficiary cannot inherit as intended (e.g., the beneficiary has died).

Including a residuary clause is a good way to make sure that all of your assets are distributed to your beneficiaries and not taken by the state. This is often called a "leftovers" clause, because it includes just that—those assets that are leftover after items specifically mentioned have been distributed.

If you don't have a residuary clause and you have property left over that wasn't distributed, you have died partially intestate, meaning without a will, and your state laws will dictate where any property not specifically mentioned will go.

Don't let these potential pitfalls keep you from writing a last will—for most Americans, it is the most important document they will ever sign.

Comments

I have decided a last will, will best serve me,and thanks for your information. Even though I own property in two different states. My estate is much less than 1/2 million dollars. [vegas home & Utah ranch]
I want to create a last will for my children and grandchildren.
I am single now, been married 4 times, and divorced 4 times.
All of which recieved and own more than they earned or deserved.

I had a will done by legal zoom,which is not all that prof essional. My recent handwritten version is far more explanitory.

I made a will with you in January. In the first portion in the family clause I listed the names of the two children that I wish to leave my estate to. I failed to mention my younger son as it was my intention to leave him out. I'm wondering if my not even mentioning him will present a problem. I so that portion needs to be revised and the name Robert E. Dray added.
Also under the principal distribution clause where it states if the Principal heir does not survive me I designated that the share of my estate that should go to him be given to Angela Mantzke, I meant to designate that, that share of my estate that should have gone to him should go to his children Benjamin Dray and Sydney Dray. I paid extra so that changes could be made within one year. If you not are the party to help me with this could you please forward this to someone who can help me either via E-mail or by phone Thanks Barb Dray

Barb,

I'm not affiliated with LegalZoom, nor am I a lawyer, but when I read your question I felt I had to reply (I certainly hope the LegalZoom people have already responded to you). My Dad intentionally left my sister's name off his will (his good friend and respected local attorney drew it up for him) because she'd asked for, and received, her "share" of the estate early (long story...). Dad diligently changed his will (his attorney screwed up) and updated his beneficiaries on his accounts (school teacher...not much money to worry about!). When he passed (just months after paying her "off"), she threatened to sue the estate because her name wasn't mentioned in the will (she's a lawyer, too...no, really, she is). She wanted her share of the estate, again, and said she'd take us to court because since Dad had not mentioned her in the will, then he was certainly not of sound mind and the will should be thrown out. (Dad was as sharp as a tack.) It was a mess for a while, but fortunately the attorney for the estate was very sharp, and also knew my Dad (not the idiot attorney who wrote his will and left her name off). Our attorney agreed, to us, that by not acknowledging her in the will, it did if fact open the will to questions. He finally told her to bring on any legal action, because he'd circle the court house block with witnesses that would attest to Dad's mental state. She went away. Sorry for the long story, but Dad never intended for us to have a problem with his will, and did everything he could to take care of his estate. His lawyer made a potentially huge mistake, and cost us a few thousand extra dollars. I suggest you get a legal opinion, but I sure can't see where it would negatively impact your will by mentioning your son, and, in my experience, it sure would have saved us lots of problems. By the way, our experience took place in Texas. Best wishes to you...John

Hi Barbara, sorry for the delay in getting back to you. We can absolutely help you revise your Will. Email us at customercare@legalzoom.com or give us a call at 1-800-773-0888 (7am-5pm PST, M-F) and we'll get right on it!

my ex husband had a will but didn't take me off because he want to attory an told him he didn't have to take me off because he was only taking the words my wife off and leaving my name on it because we were going to remarried but that never happend he died and because we didn't have childern but we had four godchildern that we name in the will the state of nj will no let these kids have anything because there not his blood but when we made the will we thought who we name would get what we want them to have not who we didn't want have like family that didn't bother you until you died

Hello,

I have a will with your company, but I am wondering about a quesiton. I am named as part owner of my father's home in which he has passed away and I want to know if I die before the home is sold I want my kids to be able to have my share of the home. What do I need to do?

Hi Eva, sorry for the delay in getting back to you. We'd be glad to help you with your Will. Email us at customercare@legalzoom.com or give us a call at 1-800-773-0888 (7am-5pm PST, M-F) and we'll get right on it!

Is it legal for a Life Estate to require a person to pay property taxes on property the person doesn't own, when under the law, property taxes are the obligation of owners of property?

Since we're not a law firm, we're unable to advise you on specific Life Estate tax requirements. With that said, please try our attorney referral network to search for a lawyer who can help you with that: http://attorneyconnect.legalzoom.com

IF IN MAKING OUT OUR TRUST I OMMITED MY DAUGHTER FROM RECIEVING ANYTHING, BUT DID NOT GIVE A REASON....I HAVE NOT HAD IT NOTORIZED YET, SO DOES THIS HAVE TO BE IN THE PART OF THE TRUST THAT HAS TO BE NOTORIZED OR IS THAT JUST A CHOICE I MAKE OR WILL I HAVE TO HAVE YOU PUT THATIN BEFORFE NOTORIZATON?

Sorry for the delay in response. You've asked a great question that we'd be happy to help you with. Email us at customercare@legalzoom.com or give us a call at 1-800-773-0888 (7am-5pm PST, M-F) so we can best assist you!

My ex-husband lost everything when he divorced his last wife and he has one small child that he pays child support. Now he lives with me. He owns only a car. Everything is in my name and he does give me child support money. He has older children from previous marrage that will give me problems, over what he has given me thoughout these years for taking care of him. Is there a special cause I should have in the will? There is no life insurence.We were married for 20 years, then he married again then she left 7 month later, divoriced 1 year later. We have been together 11 years with a total of 31 years together. We are in Indiana and plan to move to Texas, I have two properties one in each state. Indiana is mine though our divorice and I purchased last year one in Texas, so we could be out of the cold. Please advice me of the "Will" I will need and the type of "Will" he well need. Thank You

the infor was very helpful

A husband in the midst of a divorce names a party other than his soon to be ex-wife as primary beneficiary & his soon to be ex-wife as alternate if his 1st choice is not living. He also has a statement that anyone who contests the will looses their portion of the inheritance. Does he need to add anything else to his will to assure his 1st choice of beneficiary is honored.

In order to make sure my siblings and their families to not receive anything, do I need list each one and state that they are not to receive anything?

Hi Rosa, thanks for your question. While LegalZoom can make it easy for you to prepare an Estate Planning document, we are not a law firm and cannot give legal advice on this matter. Feel free to Give us a call (1-800-773-0888, 6am-7pm PST, M-F) if you'd like further information on our documents. Or, if you'd like some specific advice, we can help you find a lawyer to answer your questions. Check out our attorney referral network: http://attorneyconnect.legalzoom.com

My step daughter is married for 6 yrs to a military personell. He died 2 wks ago. He had a life insurance policy of which their daughter was 50% benificary his mom 30% and a married girlfriend 20%. While he was incapacitated in bed from an unsuccessful bone morrow transplant, confused and all, his mother obtain power of attorney and some how got his insurance benefit change making her 100% beneficary. On top of that she unsuccessfully tried to divorce my daughter before he passed. i dont know how she did this because her husband could not speak, could not write and i know would not leave out his only 5yr old daughter with nothing. he loved her too much. the mother always interfere in there marriage. The army paid her 24 hr to take care of her son so she was always there. She use this opportunity to prevent my daughter from visiting her husband. Took away both cars and create a scene in the hospital room evrytime she went with their daughter. Please help.

Hi Silvanus, we are sorry to hear of your loss and extend our deepest condolences. LegalZoom makes creating legal documents easy and affordable, but we can't give specific legal advice about life insurance policies. However, we may be able to help you find an attorney who can assist you, try: http://attorneyconnect.legalzoom.com

We live in Ohio and my husband was married before and has a son. He has our house in his name only. He said he doesn't need a will because I will automatically inherit the house and his bank accounts when he dies because I am his wife.

Is this true?

Hi thanks so much for your question. As we are soley an online document preparation service, we are unable to provide any legal advice regarding this matter. However an attorney might be able to assist you. Check out our Attorney Services Division: http://attorneyconnect.legalzoom.com

I have been named executrix of my mothers will. She has a beneficary deed where all 5 of her children are equal in the ownership of her property. One of the children is going to move into the house and is not signing a lease or document that states his responsibility while living in the home. I was wondering if in time any one of the children can sue me for failing to protect their interest in the home because nothing was signed when the person moved in?

Thanks so much for your question, Bethany. LegalZoom makes creating legal documents easy and affordable, but we unfortunately can't give specific legal advice regarding this situation. However, you can get free legal advice on the LegalZoom Facebook page every Friday. Check out Free Joe Friday: http://zoo.mn/FreeJoe.

I do have 2 grown children 19+ and 18+ and also have a 12+
year old child all by same father, never married him but separated ,also he lost all 3 kids custody with no form of
visitation to me in court all from his violence.
I want my 2 oldest to be in guardian to the minor and an estate worth 1 1/2 and 2 million .This is to divided evenly but do not want their father to have
a)access to the child or
b)access to the child,s money
will i be able to do that because he can claim to be the only
surviving parent and not either of the 2 older siblings as
next of kin or guardian.

thanks
simi

Hi Simi, thanks so much for your question. LegalZoom's Estate Planning documents can be customized to list your choice of beneficiaries. Give us a call (1-800-773-0888, 6am-7pm PST, M-F) or send us an email (psinfo@legalzoom.com) if you have questions. LegalZoom makes creating legal documents easy and affordable, but since we're not a law firm, we can't give specific legal advice regarding your estate upon passing. However, you can get free legal advice on the LegalZoom Facebook page every Friday and Tuesday. Check out Free Joe: http://zoo.mn/FreeJoe.

If a parent passes before adding a potential heir to his will, though he did make mention to two family members of his intent, does this potential heir have any legal ground to stand upon? The parent wanted to add a son-in-law as a thank-you for taking care of his daughter during a five-year battle with breast, bone, and brain cancer. His daughter had passed 6 months before he did…

If anyone has had, or knows someone who had such an experience, I’d like to hear from them.

Thank you.

My wife & I have not made our living trust yet & were in our early 70's.We have 3 growen kids,we have 4 homes,3 paid for, one not.they are rentals.I have the deeds to of them,can I just give them to them ?? & put the outher in the liv.trust be for we pass??

Thank you so much for thinking of us! LegalZoom makes it really easy to create these types of documents. And while we can't offer specific advice, we can guide you through our online process. Give us a call at 1-800-962-7490, and we'd be happy to help you get started.

My Living Trust was prepared by Legal Zoom. My home is deeded to the trust, do I need to transfer all my assets (car, retirement investments, etc) to the trust? Thank you.

Hi LLW - Thanks for using LegalZoom to take care of your estate planning. We'd be happy to help address your questions, give us a call so we can go over some of our options at 1-800-773-0888 (6am-7pm PST, M-F)!



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