10 Common Mistakes People Make When Writing a Will or Living Trust

1. Not Considering the Needs

Many of us do not think about how our families will be affected when we die. Taking care of their physical, psychological, and financial needs is a responsibility that parents have even after they die. Having a plan in place so that your family knows what to do after you die is essential.

Otherwise, they will have to figure it out on their own. Knowing what type of housing you should provide for them (such as investments or savings) along with life insurance could make all the difference when it comes to making sure that your loved ones are taken care of in the future.

Being aware of these important provisions, now, can help give everyone involved peace of mind – yours, while you’re still here, and theirs afterward – making sure that not only do your beloved ones survive but thrive.

2. Not Updating a Will or Living Trust

When it comes to estate planning, one thing you don’t want to forget is the importance of updating your will or living trust if anything in your life changes. Marriage, divorce, the addition of children via birth, adoption – all of these events have potentially huge impacts on how you want to organize your estate when you’re gone. 

If you don’t update your documents so they accurately reflect these changes, then the wrong people could end up receiving the wrong assets after you pass away – and that’s the last thing you probably want. So be sure to regularly sit down and evaluate whether any of these major life changes should be reflected in your will or living trust!

3. Not Using an Attorney While Planning

When drafting important paperwork, it’s best to have an attorney help you out. Sure, it might be intimidating — maybe you’re overwhelmed by all of the legal lingo or even the requirements specific to your state.

Talking to an attorney that can guide you through the process and ensure that your wishes are taken care of when they need to be. Don’t let yourself fret; an attorney has experience in these matters and will make sure everything is set up just how it should be.

4. Not Being Specific

When it comes to designing an estate plan and making sure all assets are distributed properly, making sure everything is listed out and accounted for is key. Especially when large estates are involved or if there are multiple heirs, not being specific can lead to disputes, confusion, and even legal battles. 

Make sure that you account for every asset of value- from real estate, bank accounts, investments, vehicles or other items -and assign each to the appropriate recipient. Taking this extra step will ensure that your loved ones won’t be dealing with a tricky process once you’re gone.

5. Unsure who should handle

All parents want their children to be taken care of in the event that something unfortunate happens, so it is essential to plan ahead. Parents of small children must ensure there is a legal guardian listed for them in either their will or living trust. Listing a guardian is critical for any parent’s peace of mind. 

Through this process, you can leave instructions regarding who would provide your children with a safe and loving home should something happen to you—safely ensuring their future health and well-being while giving you great comfort in knowing they will be taken care of no matter what.

6. Not Naming an Executor

This is a weighty responsibility and should only be given to someone you trust with absolute certainty. In order to find this person, look for qualities such as honesty, diligence and dependability. 

Furthermore, make sure that the individual is competent in managing assets and legal matters surrounding your death – it could be a lawyer or accountant if you don’t have someone close to you. 

Taking the time now to designate an executor can bring huge peace of mind later on, so choose carefully and wisely!

7. Signing Properly 

Have you ever wondered why it’s important to look closely when signing a document? While it may seem like an extra step meant only to add stress and confusion, there are actually good reasons for this. 

To avoid an annoying delay, make sure your signature meets the required standards before submitting the finalized document. It’s not as difficult as it seems – all that’s needed is a keen eye and definitive mark. Doing so can mean an easier route through your formal paperwork.

8. Failing to Store Your Document Securely

It’s always great to have that feeling of accomplishment when you finally get that living trust or will written and signed. It’s a huge milestone in your life! But the story doesn’t end there. You need to make sure that once complete, the original copy is stored securely in a safe place, away from prying eyes or destruction. 

A safe deposit box at the bank is usually the best bet – simply fill out the paperwork and you can store your important documents in peace. Plus, many banks offer additional protection against theft or lock-outs. With your documents safely kept away, you can move on with peace of mind!

9. Not Making the Document Public

When it comes to your will or living trust, you’re ensuring that your wishes and wishes of those closest to you are taken care of after you pass away. There’s one important step in this process that can’t be overlooked; make sure the document is easy to find! You should take the time to let people know where it can be found when the time comes. Give your family and/or executor clear directions so it’s not difficult for them to access your will or living trust. That way, they can get started with executing your wishes soon and accurately after you pass on.

10. Not Reviewing Periodically

Keep your important documents up to date by reviewing and revising them periodically. This is especially important if there have been any major changes in your life – like marriage, divorce, or having children. 

Life can move quickly, so it’s essential to make sure that your paperwork accurately reflects the current way of life and not what it used to be. Not only will this help keep you prepared in case of an unexpected legal situation, it will also give you peace of mind knowing that everything is taken care of.