Making a mistake in your will, even a little one, can mean that your assets will not go to the people you intended. You may never know it because these problems are often only revealed after you are gone. Knowing what the biggest mistakes are can help you avoid them.
Not Designating Who Gets What
Even though children may get along well during your lifetime, their attitudes can change when it comes to dividing up your assets. You should avoid using generalized statements such as letting your children divide the assets. One or more of them may have shown a keen interest in some of them, and it is a good idea to designate that asset to them.List all your assets before making a will, then decide who will get what items. Things like life insurance, bank accounts, retirement accounts, investments, etc., should all have beneficiary names with a secondary. If you only have one name on these accounts, but your will directs the money in them to be distributed equally, it will not happen. When you name beneficiaries on an account, it will override the will—and only the named beneficiary will receive anything. Make sure that your will and your beneficiaries agree.
