A will can be one of many documents used to create an estate plan, or it may be the only document an individual drafts. In either scenario, the testator putting together an estate plan typically needs to ensure that they are thorough when drafting a will and that they comply with all relevant state statutes.
Without the support of a legal professional while drafting a will, the testator could very easily forget to address key issues in their main testamentary instrument. Small oversights can lead to significant complications during estate administration or the courts setting aside an otherwise valid will.
What common omissions do many people make when drafting wills?
Ignoring the residuary estate
The main focus for many people putting together estate plans is often to provide instructions regarding their most valuable assets. They establish clear directions for handling their homes, vehicles and financial accounts. However, they may not provide direction regarding their personal property and other assets that make up their residuary estate. Leaving instructions for the distribution of any assets not included by name in an estate plan is an important move.
Failing to name alternates
People typically name the person who can administer their estate in their will. They may also nominate a guardian to care for their minor children. People often forget to nominate alternates in case the person they initially selected is unavailable when the time comes or incapable of accepting that role. Having alternate candidates for any major position of authority delegated in an estate plan is typically a beneficial move. Alternate beneficiaries can even be a smart inclusion in many estate plans, especially if testators go years between each review and update.
Omitting witness signatures
In scenarios where people draft their own wills, they may operate under the assumption that their signature is the only one truly necessary. However, witness signatures are also crucial for a valid will. The testator typically needs the signatures of two competent adult witnesses to validate the will. Those witnesses can affirm that the testator was the party who drafted and signed the document. They can also provide insight into the testator’s mental state at the time of the signing.
Partnering with an attorney when drafting or updating a will can help ensure that people don’t fall victim to these and other common mistakes. Including the right terms in a will can help people leave a meaningful legacy and protect the people they love.