Writing a will is an extremely personal experience. Its objective is to make it clear how you want your assets and inheritances dispersed after your death. To do this, you must designate an executor to carry out your wishes. You must also designate your beneficiaries, which are normally your spouse and children, although this is not always the case.
Though you may not expect your beneficiaries or someone close to you to dispute your will, this does happen. An individual who feels slighted can throw your estate into disarray by challenging your will. There are, however, measures you can take to prevent this.
Ways to safeguard your will from being contested
There are several things you can do to prevent your will from being contested. These include:
- Draft a no-contest clause to include with your will or revocable living trust. This would stipulate that any individual who initiates legal action to contest the beneficiaries designated in your estate plan shall receive no inheritance from your estate. You will want a witness who can attest to the creation of your no-contest clause.
- Create a payable-on-death (POD) bank account. You can add beneficiaries to your savings and retirement accounts, making them payable upon your death. POD accounts (also called Totten trusts) do not go through probate as long as the beneficiary is still alive, so the beneficiary has a right to them regardless of the will.
- Establish a revocable living trust. The trust will have legal authority over your money and assets, but you can still use and spend them throughout your life. Following your death, the assets are distributed to your trust beneficiaries according to the trust’s terms.
Creating your will can be an overwhelming process if you try to do it on your own. Seeking assistance with the formulation of your will is the most effective method of guaranteeing that it cannot be challenged.