Will Lawyers in Phoenix
Knowledgeable Guidance on Important Legal Documents
Our lawyers have seen firsthand the devastation that can follow when a loved one passes away intestate. When this occurs, a person has passed away without a will in place. Unfortunately, this can be detrimental for loved ones, who are left to pick up the pieces and decipher what their loved ones’ final wishes might have been.
Along with failing to create a will, there are many mistakes a person can make when developing a will. While Kamper & Estrada, PLLC can assist with mitigating these issues, common mistakes a person might make when creating their will include:
Mistake #1: Failing to Adhere to Guidelines
When developing a will, it’s critical to adhere to state and federal guidelines to ensure that the will is valid. Failing to do so can result in an invalid will.
Not only will it be essential to keep in mind tax obligations, but there are also a variety of things that ensure the validity of a will, including:
- The testator must be of legal age
- The testator must be of sound mind
- The will must be voluntarily executed
- The will must be signed with witnesses present
Mistake #2: Creating Your Own Will
There are a variety of online sites that provide DIY will services. While this may seem like both a convenient and cost-effective option, it can be incredibly damaging. DIY services do not always take into account local tax laws or your specific situation. As a result, you risk developing a will that is invalid or puts your assets at risk.
Mistake #3: Failing to Name Guardian
If you have children, one of the most important decisions you will need to make is to name a guardian to care for your children if you are unable to do so. Your children are precious, and you must take the time to appoint a proper guardian for them. Failure to do so can make a difficult situation even more complicated and may even result in familial conflict, should multiple family members wish to care for your children.
Mistake #4: Not Identifying the Right Executor
An executor will be responsible for overseeing your will and resolving your estate. They have the critical role of ensuring that your wishes are carried out in the way you would have wished. Without one, the courts may appoint one for you. There are several considerations to make when identifying an executor: Not only will it be essential to choose someone that you trust, but you will also want to specify a backup executor if your original choice is not available to take the task on.
Mistake #5: Not Updating Your Will to Reflect Life Changes
A will is not a document that you can develop and put on the back burner until the time comes. Testators will need to make sure that they update their will as circumstances within their lives change. A will should be updated at least every three to five years, or when the following occur: Divorce, remarriage, the birth or adoption of children, changes in income or assets, a move to another state, and more.
The process of developing a will can seem daunting, and, unfortunately, many put it off for another day. With the busyness and unpredictability of life, it should come as no surprise that other things take priority. However, it’s essential to be aware that by avoiding developing a will, you are not only putting the assets that you have worked so hard for at risk, but you are also increasing the risk of familial conflict.
Reduce the conflict and complications today by contacting Kamper & Estrada, PLLC.