Did you know that around 64 percent of Americans do not have a will? According to a poll reported by USA Today, 27 percent of American adults stated they did not have a will because they believed there was not an urgent need for one.
If you are an adult, then you should have a will. It becomes even more important when you marry or have children. You want your loved ones to receive care after your passing, and the last thing you want is for anyone to contest the provisions you include in your estate plan. Some states allow you to put a no-contest clause in your will, but in Florida, that kind of clause is unenforceable. Here are some other ways you can decrease the likelihood of someone feeling cheated by your will.
Do not keep your plan a secret
There is no reason to keep the contents of your estate plan a secret. In fact, it can be hugely beneficial to go over every last detail with your spouse, children and others close to you. Go over who will receive what after your death and why you wrote the will in this manner. That way there will be no surprises after your passing.
Review your estate plan once a year
You should make reviewing your estate plan an annual tradition. People’s lives change constantly, so the provisions you put into your will one year may not be viable the next.
Do not wait to make it
Far too many people wait until they have already retired before making a will. If you wait to create your will until much later in life, then beneficiaries may believe you were not of the right state of mind to create such a complex document. They can contest on those grounds if they are not happy with their share. Even if you do not know fully what you want your will to include, it is better to create a partial will than have no will at all.