Ever considered writing your own will? While you can draft a will on your own,
there are plenty of reasons why you may not want to go that route. Most people
do it to save money, but they may overlook or forget to take care of some
important details – details that could eventually cost them much more than the
amount they could save. Some of the biggest mistakes include:
Ignoring state law differences. Will kits and online wills may not always
take state laws regarding the administration of probate into account. An estate
planning attorney can inform you of these state laws; a will kit or website may
not.
Not revoking an earlier will. Many wills contain boilerplate language
that automatically revokes any preceding will. If you are writing your will
totally on your own (some people still do), you may not realize the necessity
of such a clause.
Assumptions. If you will property to an heir, what
happens if you outlive that heir? What if you will an asset to a friend or
relative today and that asset is gone when your will is executed someday? These
are important things to contemplate; things that most people who write their
own wills have not considered.
Vagueness. Sometimes executors are not given enough
power by the language of a will. Sometimes a home will be left to a spouse, but
with no one assigned to pay for upkeep of the home during the rest of that
widow’s lifetime. Alternate executors are sometimes omitted from wills, and
names of nonprofit groups can easily be misstated or misspelled, inviting
complication and possible dispute of charitable intent.
You should
consider crafting wills, trusts, and estate strategies with the help of
attorneys. Fortunately, many financial professionals have relationships with
attorneys. Instead of searching the Internet or the Yellow Pages for a
stranger, ask for a referral from the financial professional you consult.
Taylor McClish may be reached at (503) 239-3060 or Taylor.McClish@cunamutual.com
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
This material was prepared by
MarketingPro, Inc. for use by «RepresentativeName».