4 Mistakes to Never Make When Drafting Your Will: A Pro’s Guide

So, you have earned so much in your life, and now you have retired. No wonder it’s the right time to secure the future of your next generation through a legal estate plan— A will, the last testament to how you want your family to handle your assets and distribute them after your death. 

However, we have noticed most people make some common mistakes when drafting their will for the first time. In today’s blog, we will share some of those slip-ups and our Edmonton wills and estate lawyers’ guidance on them. Let’s begin. 

Common Slip-ups to Happen When Drafting a Will

Undoubtedly, making a will is an important step for any individual to secure their property and the future of the next generation. It outlines not just your last wish about who you dictate your property to, but how it will be handled. 

But, a few errors can become costly mistakes and spill water on your plan. You better avoid the following slip-ups to draft a will correctly:

Failing to consider overriding factors-

When you create a will, you should always write down who you want to give your assets to. For instance, you can divide it evenly among your children or give everything to any other individual. In this way, you may think all the instructions will be followed according to the letter. But, due to overriding factors, things can change. 

Suppose you have a life insurance policy or a retirement plan, and you are here mentioned as the beneficiary to take precedence. In this case, if your spouse is a benefactor and you have mentioned that your children will get equal shares of that policy, it may override the will instructions. 

Not considering updating your existing will-

Maybe you have spent hours drafting your will while sitting with the best wills and estate lawyers in Calgary. Updating your will is necessary. Otherwise, those legal documents won’t account for your current conditions, such as buying a new home, starting a new business, having children in your family and many more. Make sure you always update your will, considering the current situation and take time for decision-making if you don’t want to end up passing your assets to someone you don’t intend to.  

Never share the location of your will-

After your death, your children or family will start to put your will into action to ensure that all your affairs are in order. But, the entire process can be time-consuming if your family fails to locate the will. Yet, it’s important to let your trusted one know where you have kept the will safely once you have seen a wills and estates lawyer draft these documents. 

Using the amount of your assets-

When you start drafting your will, it may be easy to identify the current value of your assets and property, including your bank accounts and retirement plans. Although mentioning the amount of dollars makes it easy to understand how much each person will receive after your death, it can cause problems due to the changing value properties. After all, you don’t know when you will die or what the value of your wealth will be then. Instead, you better mention the percentage of your property for each person in your family to avoid misunderstandings. 

In Conclusion

So, have you decided to draft your will? If yes, make sure you keep in mind these tips to avoid these possible mistakes. And, when you are making a will for the first time or updating the existing one, working with an expert will and estate lawyer can help you avoid these slip-ups while ensuring a precise estate plan for executing your wish perfectly. At Peter B Mason Professional Corporation Real Estate Lawyers, we have the best team of efficient will and estate lawyers to guide you in making the right decision on how your assets should be distributed.