Talking about death is something many of us avoid. Having a will ensures that your assets and property are distributed according to your wishes after you pass away.
However, just having a will is not even enough. According to a Gallup poll, less than half of Americans have a will and over 70% of Americans do not have an updated one.
“The first mistake is they don’t do one,” said lawyer Chuck Richard Wohlust.
Other common mistakes when it comes to wills are forgetting to add or remove beneficiaries as circumstances change, not including children under the age of 18, signing documents incorrectly, vague descriptions, ignoring account holders, and picking a bad executor.
The most important part of creating your will is to include everything.
“For people of limited means, it’s hard to say go see an attorney but by the same token, it’s their assets,” Wohlust said. “They should want to see how they want that distributed. If you have a house or bank accounts or you have whatever, if you want them to go the way you want them to go, then you probably should do a will.”
Another tip is to be as clear and concise as possible. Failing to use clear and concise language can lead to unintended consequences and legal battles.