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Will Templates

What you need to know about Estate Planning

 

ESTATE PLANNING ESSENTIALS.

An estate plan is a combination of documents that specify how you want your assets (including money) to be handled when you die. They normally include a Will (with or without testamentary trust provisions) Powers of Attorney, Enduring Guardianships and Binding Nominations.  There are some common mistakes that people tend to make. This post covers the most common issues.

 

MISSPELLED BENEFICIARY NAMES

A common mistake with is misspelling beneficiary names in documents like a Will. It might seem like a small, inconsequential error, but a misspelled name could cause unnecessary grief for a beneficiary. It adds a layer of complexity to administering the Will. Depending on your jurisdiction, some insurance companies may require additional documentation from family members to prove the beneficiary’s identity.

 

NOT UPDATING YOUR ESTATE PLAN AFTER A MAJOR LIFE EVENT.

An estate plan is comprised of living documents, which means they can be modified as needed. You should revisit your estate plan is if you’ve recently experienced a major life event, such as getting married, divorced, or having or adopting a child.

NOT TALKING TO YOUR EXECUTOR IN ADVANCE

Being an executor in a Will is a big responsibility. Sometimes people will assume that close family members or even friends are up for the task when they are not.  Ask the person you want to be your executor and have a  discussion regarding their responsibilities.

If an executor is unwilling or unable to act, the final decision of who should act as your executor may fall to the court and the outcome may not be what you intended.

AVOIDING MISTAKES IN YOUR ESTATE PLAN

Estate Planning Essentials – Check List. Review your estate planning documents every time you make changes.  That way your estate plan can be executed as smoothly as possible when the time comes.

 

 

 

JOINT WILL

A Joint Will (including children)is important even though you may not consider yourself rich, but no matter where you believe you stand on the socio-economic ladder, you always need a Joint Will.

will in contemplation of divorce

While it may not be a high priority while going through a separation or divorce, it is critical that you change your Will.

will in contemplation of marriage

It is important to create a Will in Contemplation of Marriage.  It is important if you have married since you made your  last Will, as that Will is probably no longer valid.

SINGLE WILL

This will is designed for a single person, no spouse or children.

will for blended family

A blended family is a family in which one or both partners have a child or children from a previous relationship.

Will Templates Bundle

Download and Save $$ with our comprehensive will templates bundle.

Written by Practicing Lawyers

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