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In a recent interview, estate planning and elder law attorney Michael T. Huguelet, founder of the Law Office of Michael T. Huguelet, P.C.revealed the most common errors to avoid while drafting a will.For more information please visit https://www.hugueletlaw.com
When asked to comment, Huguelet said, “If you’re in the early stages of beginning the estate planning process, then drafting a will is one of the first things you’ll want to consider. It’s important to properly create a will to avoid potential problems down the line.”
One prevalent mistake people make after devising a will is not signing it with the proper formalities. Observing these formalities is critical to make sure the Will is valid.
“The State of Illinois requires that the person making the Will sign it, in the presence of two witnesses, all of whom must sign it in your presence and the presence of each other. Failing to do this means that the Will might be invalidated in Probate and your wishes might not be carried out.” All signatures should also be notarized to make it easier to have the Will admitted to Probate without having to locate the witnesses after your death. Thus, you should also have a notary present at the time of signing.
Setting up a Will and forgetting about it is another commonplace error.
"A Will should be seen as a living document. After establishing a Will, it's important to make a plan to continually review and update it in case anything changes. Let's say that, over the course of time, you've sold off assets – or even acquired new assets - yet those assets are not included in the Will. You'll want to ensure that your Will is up-to-date and accurately reflects the situation of your current estate,” he added.
Another significant error that many people make is including assets or property that already have beneficiary designations.
When asked to elaborate, Huguelet said, "When it comes to deciding what to put in a Will, you should only include property and assets that belong only to you. You need to understand that assets that are jointly owned will not pass by virtue of your Will, but rather to the surviving joint owner. Furthermore, you shouldn't include assets or property with designated beneficiaries such as “payable-on-death” or “transfer-on-death”. Those assets will pass by virtue of the beneficiary destinations, not the Will. Any conditions you set out for assets that already have designations or are jointly-owned will be invalidated and can lead to fights."
Underestimating the importance of retaining an attorney in drafting a Will is another common misstep made by many.
"A lot of people seem to believe that putting a Will together is an easy process; however, oftentimes, a lot of factors that need to be considered can easily be overlooked without the help of a professional. Wills aren't only about how to distribute assets, but should also cover such items as funeral arrangements and/or caring for underage children in the future. A Will should also have contingent plans built in to take care of the possible death or disability of a beneficiary. Ultimately, addressing these issues and cementing these plans in a Will can make your loved one’s lives easier,” he said.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Website: https://www.hugueletlaw.com
Source URL: http://RecommendedExperts.biz
Release ID: 88995634
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