Published December 31, 2013
Making a will is typically an unpleasant task as few people are comfortable contemplating their own death. It’s one important task many avoid. In fact, according to a 2012 survey by Rocket Lawyer, only 58% of Baby Boomers have one. That percentage drops to 29% for adults in their mid-thirties. 34% cite procrastination as the reason, while 22% believe they don’t need one and 21% say wills are too expensive.
In estate planning, there are only a couple of reliable ways to ensure the distribution of wealth according to your wishes and these are either by establishing trusts or making a will. (The debate about which is better isn’t for this article.) No matter what, if you fail to have a plan in place via a Trust or a Will and die without one, state laws will decide what happens to your property, your investments, and even your minor children. From do-it-yourself legal programs online to lawyers who specialize in comprehensive estate plans, you have many options when creating a will. Regardless of which one you choose, you’ll need to avoid these common mistakes in wills.
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