Unfortunately, many assume that they are not old enough or do not have enough assets to warrant creating a will. However, this is far from the truth. Ensuring you have a plan in place is critical in the event something should happen to you, as it can help ensure your loved ones are cared for upon your passing. However, creating a will is not something that should be taken lightly, as this document is incredibly important. As such, familiarizing yourself with the most common mistakes made during this process can help make this process easier. The following blog explores what you should know, as well as the importance of working with a Nassau County estate planning lawyer.
What Is the Purpose of Creating a Will?
A will is generally considered one of the most crucial estate planning documents you can create, as it helps lay the foundation for how you would like your assets handled following your passing. In general, this document thoroughly details how you would like your assets distributed upon your passing, including which beneficiaries will receive your property.
Without a will in place, your death will be considered “intestate.” As such, the state of New York will assume control of your estate, appointing an executor who is responsible for overseeing and managing the distribution of assets. However, instead of handling your estate according to your wishes, if there is no will, the executor must adhere to the intestate line of succession. This is a predetermined order in which your surviving family members will receive your estate. Typically, if you have a spouse and children, your spouse will receive the first $50,000 and half of the remaining estate while your children inherit the rest. If you have no children, your parents will inherit everything.
Without a will, our assets will not be distributed as you would like them to be, but rather according to rules imposed by the state. As such, your property can go to someone you intended to leave out of your will.
What Mistakes are Most Often Made?
If you wish to create a will, understanding the mistakes most commonly made during this process is critical to doing what you can to accurately prepare for the future. Generally, one of the most common errors during this process is failing to carefully consider who should serve as your executor. This person, as mentioned, plays an incredibly important role in ensuring your assets are handled in accordance with the terms of your will. However, simply choosing someone without considering whether they have the time, ability, and patience to navigate this process. By appointing someone to this role without a second thought, you may find that they handle your estate improperly.
Another common mistake many make occurs after a will has been created. As your life changes, your estate planning needs may also change. However, many people fail to make the necessary changes, meaning the plan they implemented decades ago is used upon their passing. As such, matters related to property acquisitions, births of family members, or divorces are not implemented.
Creating an estate plan is no easy feat, despite the large number of DIY templates available on the internet. As such, the biggest mistake you can make during this process is trying to create a will without the assistance of an experienced attorney. At Barrows Levy PLLC, our team can guide you through this process to help ensure you have peace of mind for the future to ensure the assets you’ve worked hard for are handled according to your wishes. Contact us today to learn how we can assist you in these matters.
