Common Pitfalls In Drafting A Will
Drafting a will is never an easy task. Here are some common pitfalls people make while crafting a will:
- Assuming that your current assets will be the same when you pass on. This might not necessarily be true.
- Presuming that your appointed executor would willingly take on the role given
- Allowing beneficiaries to inherit a sum of money when they might not be able to manage these monies prudently
- Equally distributing the estate, thinking it's a fair distribution when it might not be so
- Failing to understand the difference between gifting the asset and the ownership of the asset
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Pre-planning in advance need not be a morbid topic and can be leveraged to provide yourself with a peace of mind if done properly.
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