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Mistakes to Avoid When Making a Will

Mistakes to Avoid When Making a Will

Making a will is a necessary step in your life, but a lot of people make mistakes when doing so. You need to be aware of the common blunders that people make, so that you can prevent them. This article covers some of the most common mistakes to avoid.

Leaving out non-probate assets

When making a will you may want to consider leaving out non-probate assets. These assets can be a good way to avoid probate or pay estate debts. For example, a life insurance policy is a great example of a non-probate asset.

If you own real estate in a different state, you may want to convert it to a non-probate asset. This can be done by transferring it into a trust. You can also create a supplemental needs trust to help your beneficiaries with any special needs they might have.

Other examples of non-probate assets are jointly owned accounts, life insurance policies and pensions. Each of these is a useful tool for managing your wealth. However, they are not necessarily the best way to cut your death taxes.

Failing to appoint a guardian for your children

When making a will, there are several things you should consider. One of them is the importance of naming a guardian for your children. The guardian is responsible for making decisions regarding your child’s well being and education.

There are a number of different types of guardians, including relatives, friends, professionals, and non-profit organizations. To find out which type of guardian is right for your family, you will need to consult a lawyer.

If you don’t have a legal guardian named in your will, you may have to apply for one from the court. Your state’s Probate Court can help you do that.

You will need to file a Petition for Appointment of Guardian of Minor with the court. The court will then decide if you have a case. It will also appoint a guardian, if necessary.

Including a residuary clause

The residuary clause is the part of a will that specifies who receives any property that is left after it is distributed to the beneficiaries. It is often a helpful tool in estate planning, and can help to avoid any family conflicts that may arise after the death of the testator.

A residuary estate, also called a residual estate, is the portion of the estate that remains after the assets have been distributed to the beneficiaries. Residuary assets include any unclaimed assets, as well as debts, and funeral costs.

Residuary clauses are also used in trusts. They allow the named beneficiaries to take income from the trust fund, as well as to occupy residential property rent-free.

Having a residuary clause is essential in estate planning. It ensures that the wills are carried out properly, and that the remaining assets are distributed to the right individuals.

Including hard-to-enforce conditions

The best way to do it is to ask your lawyer to make it for you. It is the best way to get it right the first time around. If you are going to bequeath your estate, then you might as well do it the right way. Besides, you don’t want to leave a mess for your successor. Fortunately, it is only a few phone calls away. Just be sure to read up on some of the most common legal pitfalls before you sign on the dotted line. You might also want to check out your local bar association for tips on where to find the nearest one.

Including a list of personal items

If you are making a will, you might be interested in including a list of personal items. This can help you keep track of the things you’re leaving behind and can also give you an opportunity to account for sentimental items you may have.

When you make a will, you should include a list of your assets, beneficiaries, and other important details. It is a good idea to keep copies of these documents in a safe place. Keeping a list will ensure that you won’t forget what you wanted to leave to whom.

One of the more common types of personal property is tangible personal property. This includes furniture, jewelry, and household items. These can be included in your will or you can use a separate list.

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