You should never put off writing your will. No one knows what will happen tomorrow, so it is better to prepare today. If you are Texas resident, here are some common mistakes that you should avoid.
Not updating it
A huge mistake that people make when it comes to estate planning is that they will write their will one day, then they never revisit their will to update it later on in their lifetime. A will is something that will need to get updated and refreshed multiple times throughout your life due to important changes such as having kids, getting married, getting divorced, starting a business or the death of a family member or a close friend mentioned in the will.
If the person you designated to be your children’s guardian passes away and you don’t update your will afterwards, you won’t be able to choose who will be taking care of your children after you die. This is why you should revisit your will after every important, life-changing event.
Not naming a guardian for your kids
Another mistake that people make is that they don’t designate a guardian for their children. Naming a guardian for your kids is a crucial part of your will.
If you don’t name a guardian and you pass away, you will have no control over what happens to your children. What will likely happen is that a court will decide who will take care of your children, which can end up causing more problems for your family over time.
Not mentioning all your assets
When writing your will, it is important that you list all of your assets without leaving any out. If there are certain assets that you forget to include, it can end up causing a lot of problems for your family when they are trying to decide who gets those assets.