It’s important to have a plan in place when you pass away to ensure that your family has financial support if you’re their main source of income. You should at least have a will naming your beneficiaries and providing instructions about dividing your estate. However, these three common mistakes could delay having your estate distributed.
Forgetting to Update Will
Although you may have a will, if it hasn’t been updated for several years and you pass away, then someone could challenge it. There are several life events that could invalidate the will as written, such as deaths of beneficiaries, the birth of children, or a divorce and second marriage. It is a good idea to occasionally review your will with an estate planning lawyer in Bremerton, WA to ensure its accuracy.
Inaccurate Financial Records
Your financial records should also be kept up to date to ensure that they are accurate and that it is easy to determine your financial status. If you don’t keep good records, it could take some time after your death to sort out your estate in probate, leaving your family without financial support. Make sure to send a copy of your records to your estate planning lawyer when you update them to make them easy to find after your death.
Naming Bad Executor
Although you may want to name someone who you know and trust as your executor, he or she should also have a good understanding about financial transactions and his or her duties. Try to name someone you know who has a background in the law or is knowledgeable about financial matters. If you don’t know anyone who would make a good executor, contact Business Name for help choosing someone.
Your estate planning lawyer can help find someone to be an executor; you should also name more than one in case your first choice dies before you do.
