What Not To Include in Your Will
When putting together your will, it is important to make sure you include all of the big, important things, such as dividing your property and naming a guardian for your children. However, there are certain things you shouldn’t or do not need to put in a will that you may not have considered. Before you finalize your will, here are some items that you should not include.
Property you have already put in a living trust – Many people choose to use both a will and a living trust to pass on their assets. This is because a living trust allows beneficiaries to get their new property more quickly, as they don’t have to go through probate. However, many people get confused when writing a will and they include items that they have already put into a trust. This is unnecessary, as the items in the trust will automatically go to the beneficiary as specified and don’t need to be placed in the will. In this case, you will be using your will only to address issues like guardianship and to include items that are not named in the living trust.
Property that you legally share with others – If you have any property that you hold jointly with someone else, for example a spouse or a family member, then you cannot include it in your will. This is because the property will automatically pass on to the other person who holds the property. If you would like to leave this property to someone other than the person who you currently share it with, you will need to legally change the ownership so that it is in your name.
Retirement plans – Generally, you do not need to specify the beneficiary of your retirement plan in your will. This is because most retirement plans, such as 401(k), will ask you to name a potential beneficiary in case of your passing. If you have a retirement plan but aren’t sure who the named beneficiary is, check to make sure and then name your beneficiary with the plan if you haven’t already.
Life insurance, stocks, and bonds held in beneficiary – It is very common for people to set up life insurance policies or make investments that are held in beneficiary for their family members or friends. However, you do not need to name these in your will. This is because the assets will automatically transfer to the other person upon your death, without you having to do anything.
Illegal gifts – Although this does not happen often, occasionally people try to leave gifts to their family members for illegal purposes. For example, you cannot leave something to someone with the intent of using it to commit an illegal act, such as buying drugs or harming someone else. Additionally, if you put a condition on your gift, check with a lawyer to make sure it is legal. In many cases, conditions that have to do with marriage or religion are not enforceable in court.
Funeral planning or resources – You may be tempted to leave your family some money to plan your funeral in your will. You may also want to leave notes regarding what you would like for your funeral in this document. However, wills can take months to be processed, so it is likely your family won’t see it in time. Instead, talk with your loved ones about what you would like before your passing.
If you have any specific questions about what you should or shouldn’t put in your will, be sure to contact a lawyer who specializes in wills and trusts to help you. Although you can make a will yourself online, it is usually better to have a lawyer help you to ensure that everything is completely legal and that all of your wishes are addressed in the document.
