A Will is a fundamental part of almost every estate plan. It details how an individual’s assets should be distributed after their death. A Will must be created according to certain specifications to be legally binding and thus fulfill the Will maker’s final wishes and intent.
What is a Will and Its Purpose
A Will, also known as a “Last Will and Testament,” is a legal document articulating your wishes regarding the distribution of your assets and the care of any minor children after your death. It can serve multiple purposes upon a person’s death, including:
- Nominating persons to be in charge of your estate;
- Stating who should inherit what assets and in what amounts;
- Nominating Guardian(s) and Conservator(s) to take custody of your children.
A well-crafted Will is essential in avoiding potential disputes and ensuring a smooth transition of assets.
Common Mistakes to Avoid When Preparing a Will
When preparing a Will, there are many pitfalls to avoid. Certain mistakes can actually invalidate a will, such as improper signing or witnessing. Conversely, other issues can simply affect the usefulness or effectiveness of the Will. Either way, if a Will is not optimally prepared, it can lead to ineffectiveness, confusion, disputes, or litigation. Such errors could include:
- Improper Execution or Witnessing:In Missouri, a Will must be signed and have two witnesses to be legally valid, among other requirements. A Last Will and Testament will be invalid if these legal requirements are not followed.
- Failing to Make the Will “Self Proving.” Additionally, suppose a Will contains a special notary provision called a “Self Proving Affidavit.” In that case, the witnesses will not have to be located later after the principal dies, making a probate proceeding much smoother. If the Will is not “self-proved,” the witnesses must be located and cooperate with the probate Court to prove that the Will was signed. Failure to produce the witnesses could make the Will invalid or unproven.
- Failing to Consider All Assets: Many people mistakenly leave certain assets out of their Wills, such as digital properties, royalties, recurring income, personal belongings, or joint assets.
- Not Having Clear Beneficiary Designations: Ambiguous or outdated beneficiary designations, such as leaving deceased beneficiaries in your Will, can lead to unintended beneficiaries or other unanticipated results.
- Not Updating the Will: Life changes such as marriage, divorce, birth of a child, death of a beneficiary, or ever-changing assets may necessitate regular updates to your Will to reflect such changes.
Deciding Who Should Prepare Your Will
Deciding who should prepare your Last Will and Testament is a very important decision and will influence the effectiveness of the document. Let’s examine three common routes individuals may take, along with their respective advantages and disadvantages:
- Self-Preparation: Some people choose to draft their own Wills. This route provides the most control over the process and is usually perceived to save money. However, without a thorough knowledge of estate law, errors are more likely than not, and the types of errors that are often made are the variety that will be discovered AFTER a person dies when it is too late to correct them.
- Online Will Services: These platforms offer structured guidance and can help you create a legally valid Will at a moderate cost. They’re more reliable than self-preparation and are convenient for simple estates. Nevertheless, these services often use a one-size-fits-all approach, which may only cater to some of your unique circumstances and needs. Additionally, not all forms are created equal, and many online documents may not be optimized with Missouri Law in mind. Additionally, for not much more money, you could likely hire an attorney to simply create the Will for you.
- Hiring an Attorney: Estate attorneys offer the highest level of guidance and expertise. They can customize your Will to your circumstances, provide valuable advice, and ensure all legal formalities are followed. Additionally, an attorney can advise you on options besides a basic Will that will avoid probate altogether.
Remember, hiring an attorney may be more expensive right now, but it can save money in the long run. REMEMBER, NOT HIRING AN ATTORNEY IS ALMOST ALWAYS MORE EXPENSIVE THAN HIRING ONE.
How an Estate Attorney Helps in Preparing a Will
Having an estate attorney prepare your Will offers numerous benefits. A qualified estate planning lawyer will have expertise in estate law, ensuring the Will complies with all legal requirements. Additionally, a good Will and Trust attorney will provide personalized advice tailored to your specific circumstances and can help identify many potential issues you may overlook.
Hiring an attorney becomes essential in certain scenarios, such as when you have a large or complex estate, have concerns about estate taxes, or have complicated family situations. An attorney can provide the necessary guidance to go through these complexities and ensure your wishes are clearly and legally articulated in your Will.
Creating an Effective Will with Informed Decisions
Creating a Will is an important task that demands careful decisions. The choice between self-preparation, using online services, or hiring an estate attorney is significant, with each method having its strengths and weaknesses. Please consider the complexity of your estate, your goals, your legal knowledge, and your budget. It is important to choose an approach that aligns with your needs.
If you have questions about this issue, a estate planning attorney in Springfield, MO can help you understand the legal risks and the best path forward.
While the process could be challenging, ensuring your estate is handled according to your wishes is a worthy investment. If unsure, don’t hesitate to contact an estate planning attorney. Remember, your Will is your lasting legacy—make it count.
