There is no doubt that a will is one of the most important estate planning tools you can ever draft. It is the tool that guarantees that your assets will go to the right beneficiaries when you die. This explains why you need to treat the will creation process with the seriousness it deserves.
As you probably know, you do not need expert help to create your will. However, while you can write your own will, it is important that you are aware of, and steer clear, of mistakes that can hurt your wishes.
Here are common mistakes that you need to be aware of and avoid while drafting your will.
This is, probably, the most common mistake most people make while creating their wills. For a will to be valid, it must comply with the existing state and federal laws. Under Georgian law, your will must meet the following conditions to be deemed properly executed:
- The testator must be at least 14 years old and of sound mind
- The will must be duly signed by the testator in the presence of at least two witnesses
- The witnesses must append their signatures to the will document
Your will shall be deemed invalid if it is not properly executed.
Omitting some assets from your will
The primary purpose of creating a will is to give you control over how your assets will be distributed when you die. Thus, if you die without a will (intestate), it will be up to the probate court to decide how your assets will be distributed according to Georgia law. If you omit certain assets from your will, they will automatically be subjected to the state’s probate laws. Including all your belongings in the will, and specifying how you would wish that they are distributed, can go a long way in preventing probate disputes. This explains why you should update your will every time you acquire or lose any asset.
You want to be certain that your wishes will be honored when you die. That is, you want to be sure that your assets will go to the right people upon your death. To realize this, it is important that you avoid these mistakes while creating your will.