Avoiding Costly Mistakes: Don’t Let Your Will Fail Your Family

What happens when someone passes away without a will?

Believing a Will is only for the wealthy is probably the most common and costly mistake of all.

I’ve seen it happen time and again. A parent passes away without a will, and the family assumes the spouse automatically gets everything. But that’s not always how the law works.

In New York, for example, if you’re married and have children, the law may split your estate between your spouse and your children — even if that was not your intention at all. That can leave a surviving spouse without the resources they need.

A Will gives you control. It lets you decide who receives your belongings, who cares for your minor children, and who manages your affairs. Without one, the state decides for you — and that outcome may not match your wishes at all.

What are some costly mistakes?

One of the biggest mistakes is letting the Will get out of date — and I can’t stress this enough.

I have reviewed Wills that still named an ex-spouse as the primary beneficiary. The person had long since remarried, but they never updated the document. When they passed away, it created an extremely painful and expensive legal battle for the family.

We also see Wills that leave assets to someone who has already passed, or that completely leave out a child or grandchild born after the will was signed. Life changes — marriages, divorces, new children, the loss of a loved one. Your will needs to keep up. I always tell people: review it every few years, and after any major life event.

How important is choosing the right executor?

Choosing an executor is enormously important, and it’s another area where I see costly mistakes.

The executor is responsible for handling your entire estate — filing with the court, paying debts, managing and distributing assets, and communicating with beneficiaries. That’s a real and sometimes time-consuming job.

I’ve seen people name the oldest child out of tradition or obligation, without considering whether that person is actually suited for the role. Maybe they live across the country, or they struggle with organization, or they have a difficult relationship with their siblings. Any of those situations can slow the process down and create conflict.

And here is something people often over look: always name a backup executor. If your first choice passes away before you, or simply cannot serve when the time comes, and there’s no backup named, the court may have to appoint someone. That adds delay, cost, and stress to your family at an already difficult time.

Once a Will is signed, is everything is taken care of?

That’s one of the most important points I want viewers to hear today:

A Will does not cover everything and misunderstanding this can be one of the most expensive mistakes a family faces. Assets may pass by operation of law such jointly owned assets with rights of survivorship (such as bank accounts and certain real property).

Here’s a real example of the kind of situation we see. A husband passes away, and his Will clearly leaves everything to his wife and children. But his 401(k) retirement account still has his siblings listed as the beneficiaries — because he never updated it after he married. That account goes entirely to his siblings. The Will has no power over it. Beneficiary designations on life insurance policies, retirement accounts, and certain bank accounts all pass directly to whoever is listed — completely outside of the will.

Your Will and your beneficiary designation documents need to work together as a complete plan. If they don’t line up, you could leave behind confusion and heartbreak instead of the security you intended.

Can I save money by writing my own Will at home using an online form?

I understand the appeal, and I truly appreciate that people want to be responsible and get something in place.

But do-it-yourself Wills can be a disaster waiting to happen. A small error in wording, a missing signature, or improper witnessing can make the entire document invalid or change who inherits your property.

I’ve seen cases where a person used a template from another state that had different witnessing requirements. The Will was thrown out entirely, and the estate had to go through intestacy — exactly the outcome the person was trying to avoid.

What seemed like a cost-saving measure ended up costing the family far more in legal fees and court time than a proper will ever would have. Spending a little time and care up front can save your family a great deal of stress and expense down the road.

A Will is an act of love!

Don’t wait, and do not go it alone; a Will is an act of love. It is how you protect and provide for the people who matter most to you.

The mistakes we have talked about today — an outdated Will, the wrong executor, mismatched beneficiary forms, a do-it-yourself document that does not hold up — are all avoidable. But they require attention and care. Take the time to put a clear, valid plan in place. Review it regularly. Make sure all the pieces fit together.

Lastly, make sure you know where your original estate planning documents are and keep them in a safe place. Work with an experience estate planning / elder law attorney to make sure your estate plan meets your objectives and is comprehensive.

Doing that gives you peace of mind today and gives your family the clarity and comfort they’ll need when the time comes.

If you would like to speak with an experienced elder law attorney regarding your situation or have questions about something you have read, please do not hesitate to contact our office at 1 (800) 680-1717. We look forward to the opportunity to work with you.