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Many individuals creating their wills online end up making influential errors that may lead to disputes and pose legal hurdles that you want to avoid.
What not to do while creating a will on an online platform. (Representative Image)
Individuals draft a will to ensure the perfect distribution of their assets among loved ones according to their wishes after death. However, many will makers end up making small but critical mistakes that often lead to disputes and legal challenges. Creating a traditional will can be expensive and a lengthy procedure, needing legal assistance and paying for the same. But many online platforms are now available for will makers to create the most valid and easily enforceable legal document.
Drafting a will online is considered ripe for individuals who have a simple asset distribution plan in place and are eyeing a convenient as well as cost-effective solution for wills to be enforced. The online will establishment is perfect for those looking to transfer straightforward assets to their relatives after death, including a bank account, property, jewellery and other precious items.
Common Errors To Avoid While Drafting A Will Online
Failing To Update Will: One of the most common mistakes individuals make in creating a will online is to forget about it after the initial draft. You should not do that. With constantly changing circumstances, it is important to regularly update a will, reflecting the financial fluctuations, marriages, divorces, births and deaths in the family.
Specific Assets Not Mentioned: You can’t miss out on mentioning certain assets in your will. It is critical to list out all the bank accounts, real estate, investments, personal property and any other valuable possessions you wish to distribute. Leaving out anything is giving an invitation to disputes among the beneficiaries. Mind you, this involves your digital assets, including your online accounts, social media profiles, cryptocurrencies and any other digital properties you own.
Wrong Executor: Choosing the right executor is just as important as finalising a will, for your executor is the one responsible for carrying out instructions in the will. Select the wrong person and your asset distribution may face delays, conflicts and mismanagement. Make sure your loved ones are aware of where the will is located and who the executor is.
Ignoring State Laws: Don’t ignore the laws governing your wills and estates. Create a will that complies with the laws in place. Failing to do so would leave your will invalid, resulting in consequences and unnecessary hassle.
Signature: A simple but common mistake is the will creator forgetting to sign the will. Your signature is necessary to make a will a legally valid document meant to finalise asset distribution among your dear ones. Without your signature, a will won’t hold up in court. Follow the proper signing procedures laid out in the state laws.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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Delhi, India, India
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