Some people say that the only way to learn is through your mistakes. However, when it comes to legal matters, you want to try and avoid making any costly ones. In this blog post, we’ll take a look at eight legal mistakes which you’ll want to avoid in 2022.
Naming the Wrong Executor
Your executor will have a lot of responsibility, so you’ll want to make sure that you pick somebody who’s up for the task. Otherwise, they may not handle all of their responsibilities, which could cause problems down the line. You can avoid issues by researching your prospective executor before naming them in your will.
If you want to ensure that your assets go on to a survivor in the event of your death, then you’ll want to avoid taking out joint tenancy. This is because when you take out joint tenancy, it automatically cuts off your right of survivorship, and this means that the other individual no longer has any claim to your property when you die. If you need more information about Joint tenancy, reach out to Foyle Legal.
Not Updating Your Will
Many people write their wills when they are in good health but fail to update them when they get married or divorced. If you want to protect your loved ones down the line, then you’ll have to make some changes every so often. Otherwise, an outdated will may not cover all of your assets, which could be problematic when you pass away.
Not Understanding Medical Power of Attorney
Your medical power of attorney is an important legal document, so you’ll want to understand what it does and the importance behind it. Your medical power of attorney allows somebody else to make healthcare decisions on your behalf if you lose mental capacity. Without this document, you could end up in a situation where a decision has to be made for you, and the result is that your loved ones will not have any say.
Financial Power of Attorney
Just like your medical power of attorney, you’ll also want to make sure that you understand what your financial power of attorney does and its importance. If somebody else is named your financial POA, they will be responsible for making critical financial decisions on your behalf. If you want to avoid issues, you must understand what this document does and what it can do on your behalf. Losing Your Documents
Not Titling Assets Correctly
If you own a home, then you’ll need to make sure that it’s titled correctly. If there’s a chance that your kids may want to claim this as their own someday, then they will need to be listed as co-owners on the title document. For this to work correctly, each of your kids must be interested in the property. If you don’t title your home correctly, then there’s a chance that their claims will not be recognized.
Not Having Your Will Notarized
Many people mistake simply writing out their will and keeping it locked up in a drawer for safekeeping. However, if your family decides to go through with the probate process, you will need to be admitted in front of a judge. While there are ways to make sure that this happens even if you do not have your will notarized, it is much simpler and easier if you take the time to go through with this important step.
Failing to Create a Living Trust
When you die, there’s a chance that your loved ones may face some serious legal issues when they try to claim your estate. This is because the probate process can take months or even years to be finalized, which isn’t ideal for anybody who’s trying to settle an estate quickly. Instead of taking this risk, you’ll want to look into a living trust and how it can simplify the process for your loved ones, especially if you have a complex estate.
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As you can see, people tend to make quite a few mistakes. To avoid running into these issues, be sure to cover all of your bases before signing off on any documents, and make sure that you update your documents as soon as possible to resolve any issues with your loved ones.
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About the Author:
Kim Hemphry is a passionate expert in the areas of Legal Matters, learning and education. She has been featured on over 50 leading Legal and education sites and is a modern thought leader in the field. More about her interests and articles on her site – http://kimhemphry.com/.