Avoid These 10 Costly Mistakes When Creating Your Will in New York
Creating a Will is one of the most important steps you can take to protect your assets and ensure your wishes are followed after your passing. However, many individuals, intentionally or not, make mistakes that can create confusion, lead to family disputes, or even invalidate the Will entirely.
At N. Khasidova & Associates, based in Queens, NY, Estate Planning attorney Nigina Khasidova works with individuals and families to create clear, legally sound Estate plans. In this blog, we’ll review some of the most common mistakes to avoid when drafting your will.
1. Failing to Create a Will at All
One of the most common and serious mistakes is simply not having a Will. Without a Will, your Estate will be distributed according to New York State intestacy laws, which may not reflect your personal wishes. Without a valid Will, the court will determine how your assets are divided and who is appointed to administer your Estate.
2. Using a Generic Template Without Legal Guidance
Online templates and DIY Will kits may seem convenient, but they rarely account for the specific requirements of New York law or the nuances of your personal situation. Wills that are not properly executed, unclear, or incomplete can be challenged in court or ruled invalid. Having your Will reviewed by a Will attorney ensures that it meets all legal requirements and reflects your true intentions.
3. Not Updating Your Will After Major Life Changes
Life changes, such as marriage, divorce, the birth of children, or the acquisition of significant assets, often require updates to your Estate plan. Failing to revise your Will after these events can result in outdated provisions that do not accurately reflect your current wishes or circumstances.
4. Overlooking Digital Assets
Many individuals now own digital property, including online accounts, cryptocurrencies, intellectual property, and cloud-stored content. Omitting these from your Will can leave your heirs with limited access or no authority to manage them. Including digital assets and clear instructions for their management is becoming increasingly important.
5. Not Naming Contingent Beneficiaries or Executors
It’s not enough to name one beneficiary or one executor. If the person you’ve designated is unable or unwilling to serve, and no alternates are named, the court may have to appoint someone else. Naming contingent (backup) beneficiaries and executors helps ensure your Estate is managed according to your preferences, even if your first choices cannot serve.
6. Being Vague or Ambiguous in Your Language
Unclear wording can lead to confusion, disputes, and costly litigation among beneficiaries. Your Will should be as specific as possible when identifying people, assets, and instructions. Avoiding vague terms and ensuring consistency throughout the document can help minimize potential conflicts.
7. Failing to Consider Tax Implications
Improper planning can result in unnecessary tax burdens for your heirs. While New York State has its own Estate tax thresholds, planning with the help of a knowledgeable attorney can help you structure your Will to minimize tax consequences and preserve more of your Estate for your beneficiaries.
8. Not Properly Executing the Will
New York law has strict requirements for how a Will must be executed in order to be valid. For example, it must be signed by two witnesses, who must also sign the document. Failing to follow these formalities can lead to the Will being contested or invalidated.
9. Hiding or Losing the Will
Even a perfectly written Will is of no use if it cannot be found. Ensure that your original, signed Will is stored in a secure, accessible place, and let a trusted person, such as your executor, know where to find it. You may also want to keep a copy with your attorney.
10. Neglecting to Work with an Attorney
While it’s possible to write a Will without legal guidance, doing so increases the risk of costly mistakes. Working with an attorney helps ensure your Will complies with New York law, accurately reflects your intentions, and protects your loved ones from unnecessary complications.
Create Your Will Today With N. Khasidova & Associates in Queens, NY
Writing a Will is not just about distributing property; it’s about providing clarity, protecting loved ones, and creating peace of mind. Avoiding common mistakes can save your family time, stress, and uncertainty in the future.
At N. Khasidova & Associates, we work closely with individuals and families throughout Queens, NY, to create thoughtful, legally sound Wills tailored to each client’s unique circumstances. If you’re ready to create or update your Will, we invite you to contact us today to schedule a consultation with our office.