For many people living in Tennessee, a last will and testament is a way to ensure that their estate is properly distributed among their loved ones after passing. However, sometimes the way a will is drafted can make things more difficult for heirs and beneficiaries. Recognizing some of the common mistakes in a will can help people who are planning their estates to avoid making them themselves.
Failing to keep a regularly updated will
As Forbes points out, it is important when drafting a will early on to regularly check in and revise it. A spouse may one day become an ex-spouse, and a named beneficiary may pass away before the author of the will does. Regularly revising the will and updating beneficiaries is thus one of the most important things to do when estate planning.
Not accounting for all assets
Smart Asset reminds that everything should be accounted for, including valuable personal items or stocks and bonds. Anything that is not specifically included in a will is subject to the rules of the state when it comes time to divide the estate.
Not naming child guardians
One thing people may not realize is that a will allows them to specify who will look after their children after death. This is one of the most important things to consider, and yet people still sometimes leave it out of their wills and thus up to the court.
Choosing a poor executor
The executor of an estate must be someone trustworthy and rationally capable of overseeing things. While a professional is not exactly necessary, it still sometimes happens that a person chooses an executor who fails to adequately administer his or her estate.