Many people don’t have wills, and the number of people who have a will in place is decreasing. One survey indicated that only 32% of adults in the US said they had wills or other estate planning documents in 2020. If you’re an Indiana resident, here are some important things you should know to avoid mistakes when creating your will.
Be sure to sign your will properly
Wills have to be signed properly. You have to add your signature to the will, and two witnesses must sign the will as well. The witnesses who sign the will can not be named as beneficiaries in the will.
Dispose of property as needed
If you create your will on your own, you may not have included a residuary provision that applies to assets you may not have specifically included in your will. The provision can cut down on family disagreements by making your wishes known.
If you have specific items or funds that you want to leave to a certain individual, be sure to make this clear in the will. This can eliminate hard feelings and ensure your directions are followed.
Consider joint tenancy assets
Joint tenancy assets allow individuals to take over ownership of a property or write checks from a bank account when the principal owner passes away. This type of this ownership means that the asset will go to the beneficiary and not the estate. Update your beneficiaries as often as you need to and make sure your assets are going to the right place and that the right people have access to your property.