5 Simple Things That Could Sabotage Your Will

Estate planning services baltimore md

Writing a will is an important step, which affects everyone whether young, or old rich or middle class. It is estimated that only around 51% of Americans between the ages of 55 and 64 have wills, and only an estimated 64% of the entire American population has a will. Getting a will is not a complicated or time-consuming process, but it is a very important process. Wills and estate planning helps distribute the last memories of you to your loved ones and ensures that all of your assets are distributed as you want them to be.

Appoint a Competent Executor
When you decide to get a will, consider the ability of your chosen executor to execute your will properly. A competent executor will speed up the process and handle it smoothly and efficiently. If you have an extremely complex will consider appointing more than one executor. Appoint executors who have the knowledge to execute it properly.

Appoint Proper Guardians
Majority of couples simply assume that the surviving spouse will handle the children in the event of a tragedy. What happens if both parents or both guardians pass? Appointing someone as a guardian of your children is not easy for you or for the person or people you appoint. It is important to discuss this option with your chosen person or couple when writing a will. Ensure that they are capable and willing to handle the added responsibility. This saves any surprises in the event that tragedy happens, and keeps a bad situation from becoming a worse situation.

Accounting for All Assets
Make sure to include all of your assets when writing a will. Include any insurance benefits for death as well. If you fail to reveal all of your assets then your appointed executor will have no way to disburse all of your assets properly. You do not want any unclaimed assets to go to the state, so plan properly and include everything.

Keep Your Will Up To Date
Circumstances change and that is an unpleasant fact. During your life span, there will be significant changes that influence a change to your will. The birth of more children, divorce or marriage and financial problems are just a few of these changes. Also, consider the passing of your executor. At certain times, it might be appropriate to adjust or amend your will to fit your current situation.

Consider The Taxes
Most people who involve themselves in will and estate planning overlook this simple step. Approximately 97% of estates owe no federal taxes, but your beneficiaries could be stuck with gift taxes after you pass. A wills lawyer can help you include any taxes into your will to keep your loved ones from this burden.

Wills are a good thing for your heirs if properly planned. When they are not properly planned they can turn into a disaster for your loved ones once you are gone. Carefully consider all of these points when writing a will to ensure that all of your bases are covered.

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