A well-crafted will is a legal document and final act of love, ensuring harmony among loved ones long after you’re gone. However, a single misstep in drafting can turn that legacy into a source of conflict and chaos. A poorly written will is just as problematic as having none at all. To help you safeguard your family’s future, here are ten common mistakes in last wills—and the unexpected turmoil they can cause.
Failing To Update Your Will Regularly
Not updating your will is as bad as not having one. Events like marriage, divorce, the birth of new children or grandchildren, or the death of a beneficiary can render parts of your will outdated. Family members may end up disputing what they believe was your actual intent.
Unequal Wealth Distribution Among Children
Sharing your estate unequally among your kids without clear explanations can breed resentment and legal battles. If one child receives significantly more than another, the others may feel slighted and contest the will. Even if you have a legitimate reason, not clarifying your reasoning may create confusion.
Naming The Wrong Executor
The executor of your will oversees the equitable and correct distribution of your assets. Choosing an irresponsible or biased executor can cause delays, disputes, and financial mismanagement. Moreover, if one of your children is the executor, their siblings may suspect favoritism or misconduct, leading to internal family conflicts.
Forgetting To Include A No-Contest Clause
A no-contest clause, also called an “in terrorem” clause, is intended to deter heirs from challenging a will by stating that anyone who contests it and loses will forfeit their inheritance. However, the enforceability of these clauses varies by state. Some states, like Florida, do not recognize them at all. Without this clause, a disgruntled heir may still challenge the will.
Leaving Out Stepchildren Or Adopted Children
Many parents mistakenly assume that their stepchildren or adopted kids will automatically inherit part of their estate. However, failing to explicitly name them in your will excludes them under default inheritance laws, and this leads to heartache and resentment, especially if they’ve been in the family for years.
Overlooking Personal Items With Sentimental Value
While most people focus on dividing money and property, sentimental items like jewelry or personal letters can cause serious conflicts. Forgetting to specify who gets these items can lead to legal battles among the children. Therefore, create a separate list of sentimental items and explain your choices in writing.
Not Planning For Taxes And Debts
Some people forget that their estate may be subject to taxes and debts before their assets are distributed. Not considering these can cause some kids to end up with far less than expected or even be forced to sell family assets to cover expenses.
Placing Conditions On Inheritance That Are Too Strict
Some parents attempt to control their children’s behavior from beyond the grave by placing harsh conditions on their inheritance. While conditional requests (such -as requiring a child to graduate college before receiving money) can be valid, overly restrictive terms can cause resentment.
Failing To Account For Beneficiary Designations
Upon your passing, assets, like life insurance policies, retirement accounts, and payable-on-death bank accounts, pass directly to named beneficiaries outside the will. If your will contradicts these designations, it can create conflicts among the heirs. This can lead to disputes from excluded heirs but can be avoided by reviewing the recipients’ designations.
Not Having A Contingency Plan For Unexpected Events
Never assume that your heirs will outlive you. Unexpected events like simultaneous deaths, accidents, or changes in family circumstances can complicate matters. Always name an alternate recipient in case the primary beneficiary dies before you. Additionally, name a backup executor to avoid delays in the proceedings.
