ADVANTAGE his 401(k), accidentally handing over much of his savings to someone who is likely to lose it. Better: Confirm that the beneficiary designations on your accounts and insurance policies distribute your assets according to your current wishes. There is no need to include these accounts and policies in your will. Mistake: Failing to follow rules about required witnesses. Sometimes people who draft their own wills do a great job crafting the documents—then blow it when it comes to signing their names at the end. Depending on your state, either two or three people must witness you signing your will. In some states, your witnesses must witness each other signing as well and/or signing an affidavit in the presence of a notary. There are some crucial rules about who these witnesses can and can’t be, too—in most states they must be at least 18 years old and must be “disinterested,” meaning that they can’t be people who are named as beneficiaries in the will. If you fail to follow witnessing rules to the letter, your will could be ruled invalid. Better: Read the witnessing rules provided with your DIY will carefully, and follow them precisely.
own wills, they often store them either in bank deposit boxes or in their own homes—and both of those locations can cause problems. It might be difficult and time-consuming for your executor to gain access to your bank deposit box after you die. If you store the will in your home, he/she might struggle to find the document there…or one of your descendants could find your will before the executor, dislike how you divided up your assets and hide or destroy the document. Better: If you store your will in your home, be sure to inform the will’s executor and several other trusted family members or friends where to find it, and don’t divulge the location to family members you do not completely trust. Or for even greater security, file your will with your county’s probate court if this is allowed prior to death where you live, and let your heirs know that you have done so. If you do file your will with the court, you will have to refile if you later modify the will or move to a different county. Filing a will with the court makes it public record, so this is not the best option if keeping the will private is a priority.
WHERE TO STORE YOUR WILL
Gregory S. DuPont, CFP, JD, managing partner of DuPont & Blumenstiel, an estate-planning, business and taxation law firm in Dublin, Ohio. Publication: Bottom Line Personal.
If you pay a lawyer to draft a will, it likely will be stored in the lawyer’s office. But when people draft their
45