When you create a will, you expect it to be implemented per your instructions when the time comes. However, it’s not always the case. Mistakes during the creation of a will can make it invalid or unenforceable and derail your estate planning objectives.
Therefore, it helps to stay ahead of the situation by avoiding these common pitfalls when creating your will. It can save your loved ones a lot of trouble when you are gone and safeguard your plans for your estate’s future.
Improperly executing the will
A valid will must meet certain requirements to be legally enforceable in Minnesota. Failure to follow proper execution procedures, such as not having the required number of witnesses or not signing the will in the presence of witnesses, can render the will invalid.
Using ambiguous language
There is no space for ambiguity in a will. You want to avoid a situation where some provisions or instructions are vague or prone to misinterpretation as it can cause complications during probate. Ensure that the language you use is clear and to the point.
Appointing the wrong executor
Appointing the wrong executor can be a critical mistake when creating a will. The executor plays a crucial role in administering your estate, managing assets, and distributing property to the beneficiaries. Choosing someone unqualified, unreliable or unsuitable for the task can lead to delays, conflicts and potential mismanagement of your estate.
Ignoring the tax implications
Taxes can significantly impact the value of your estate and the assets left for your beneficiaries. Therefore, it is advisable to consider the tax implications in your will and make the necessary adjustment to avoid excessive or unnecessary taxes that will eat into your estate.
Not seeking legal assistance
Estate planning laws and requirements can be complex, and do-it-yourself (DIY) approaches may result in errors, invalid documents or unintended consequences. You cannot afford to take such risks, especially since you will not be there to right the wrongs.
Having the proper guidance will give you peace of mind that there are no loose ends and better ensure that you have a solid and legally enforceable document.