While talk of death is a subject that’s hardly exciting for most people, it’s one you’ll need to have one of these days. After working so hard for your wealth, you want to be sure that it goes to the right people when you die.
The best way to guarantee that is by preparing a will before you die. Here are some of the costly errors you want to avoid during the will writing process.
Going about it without professional help
Nobody says you can’t write a will on your own if you are set on it. There are lots of information on the Internet that can offer some guidance on how to go about it. However, given the sensitive nature of a will, it’s much wiser to get an estate planning attorney in Denver to offer help on some of the things you may not understand well.
Choosing executors hastily
After you are dead, executors will take charge of your property. It’s likely they’ll be handling huge sums of money or lots of property that you now own. Therefore, it’s crucial that you choose capable and trustworthy individuals. Take your time as you appoint someone, and make sure they are happy to follow your instructions well.
Failure to have a substitute executor
Who would you like to execute your will? If you are like most people, your first choice will most likely be your spouse. But, you need someone else to do it in case both of you die at the same time, for instance, in a car accident. The substitute executor would then become the default executor.
Poor choice of trustees
If your kids are still underage, you’ll need a trustee to take care of your estate and investments till they are old enough to take charge. You need to get someone you know will be able to take care of things the way you would have.
Don’t put off the decision of preparing your will until it’s too late. By avoiding simple yet costly mistakes most people make, you can end up with a perfect will and save your loved ones a ton of wrangles after your death.