Planning to Make Your Last Will? Don’t Make these Money Mistakes

As an estate lawyer, I see people making mistakes. You can benefit from my experience and avoid problems.

You need to avoid these money mistakes.

Mistake #1 Never finding time

“You can’t take it with you,” as the saying goes. Your loved ones need your will for when you do go.

Only you know what is truly important to you. Learn what goes into your will. You don’t list everything you have in your will. I can make it easier to save you time and avoid these other mistakes.

Mistake #2 Not having a will

You likely have a plan for what you’ll do with your pay cheque. But what you will do with everything else you spent a lifetime collecting?

Making your will now prevents problems later for the people you care about. Your will can be simple. It does not need to be gold-plated.

Mistake #3 Failing to save taxes

Likely, your biggest tax bill is paid by your estate when you are gone.

Reducing taxes on your estate means more is left for your loved ones. Not using simple tax reduction tips in your will is a terrible mistake.

Mistake #4 Not making the right kind of will

Make a will to have a say in your financial decisions. Who is in charge of all your money and who gets it when you are gone? You need a will to have an executor. That is the person who manages your affairs.

Don’t use an online will service to make a will if you own a home. These wills can be train wrecks waiting to happen.

Mistake #5 Wasting your money

Wills allow executors to be in charge immediately to control your money when you are gone. If you don’t have a will, no one is in charge.

Mistake #6 Forgetting to consider special assets

If you have a business, you need an estate plan; otherwise, your life’s work can become worthless. Business owners need a disaster plan just in case.

Life insurance and gifts to charities offer tremendous tax advantages when included in your will.

Mistake #7 Not updating your will

No will works if it’s out of date. You must review your will every time there’s a change in:

a) your relationships (marriage, divorce, common law spouse)
b) your beneficiaries (children or stepchildren)
c) where you live (change of jurisdiction)

One of the best ways to prevent money mistakes is to educate yourself. Get my free ebook on how to avoid the worst financial blunders:

Does your mind get all fuzzy every time anyone talks to you about making a will?

I have a simple way to help you find answers to your will questions.

If you are interested, I can clear up your decision-making. Book a Zoom or face-to-face meeting so I can answer your questions.

What does it cost?
$375 for 45 minutes.

I’ll help you understand what to put into your will to avoid these money mistakes.