Most of the use of postponing estate planning for one reason or the other. However, you must have essential documents in place to protect your interests. Last Will and Testament document that you should draft to mention what should be done with the assets once you are no more. For small and simple estate Last Will and Testament Texas forms available at leading legal forms site are good enough. However, once you start, keep these mistakes well in mind so that you can avoid them.
1# Ignoring the Rules
Every state has its laws that govern what makes a legally valid and what not. Further, there are eligibility conditions for the individual creating the Will. For instance, you should be at least 18 years of age to make a Will. There are some states where you can create the Will even if you are younger but married in the country. A Will has to be written or videotaped or created online using the Texas Will forms. Once you start writing the Will, you must be clear about what the requirements are. Else, the Will may develop a disability. Especially find out whether there are restrictions on the age, the witnesses that are required. Further, there are conditions on who can serve as a witness and whether the Will must be notarized.
2# Choosing the Wrong Executor
In your Last Will and Testament, the executor is the person who is responsible for settling the estate. He would pay any remaining debts that you may owe and also distribute the assets to the beneficiaries. The executor need not be a financial and legal professional to do the job. However, he could be someone you can trust to carry out the wishes. If you put the burden of settling the estate into the hands of someone unwilling to manage it, he could create a mess for your heirs to sort out. In the worst-case scenario, an executor could even try to misappropriate the estate assets for their gain.
3# Forgetting a Guardian for Kids
Do you have young kids? Ensure that they are taken care of if something untoward happens to you. One of the things that your Last Will allows you to do is name one or more persons who would act as their legal guardians in your place. If you could not appoint a guardian, the court may step ahead and choose someone on their behalf. It can create legal and financial implications that could be avoided if you had named a guardian.
4# Not Including Certain Assets
The point of making a Will is to control the assets and be divided. If you die in the absence of one, it depends on the probate court to decide on estate matters using the intestacy laws. If you have written a Will, but you forgot to include certain assets, they would be taken care of the intestacy laws. Even if it is of little significance, you should include everything so that there are no disputes over who gets what.
5# Not Updating the Will
The biggest mistake you can make with Will is forgetting to update it when the circumstances change. Getting divorced, married or having a child are examples of the situation where a review may be required. Taking a glance at the Will so often can keep you from creating the problems for heirs in the event of untimely death.
Forms to create Last Will and Testament Texas are readily available at leading legal forms site. Sign up now and create your Last Will and Testament now!