Creating a will is a responsible step for you to take to ensure your wishes are carried out after you pass away. However, as you create your will, it is important to note that some property types cannot be included.
Do you know what property should be left out? Here are some examples:
Real property that is jointly owned
When creating a will, you know you will include real estate, bank accounts, stocks and personal items of value. However, if you own property jointly with someone, like a house, you should not include it. The property will automatically transfer to the other owner when you pass.
Anything with a named beneficiary
Other items to leave out of your will include anything with a named beneficiary. Examples include insurance policies and investment accounts that have beneficiary designations.
Your funeral instructions
Your will is usually a document that is referred to after your funeral. Because of this, if you leave your funeral instructions in the will, they may not be seen until after arrangements have been done and the funeral has passed. You can discuss your funeral with your loved ones or use a separate document.
Special provisions for a family member
If you care for someone with a disability, you may want to put ongoing care needs or arrangements in your will. However, this is not the right way to do this. Instead, you will need a trust, specifically a special needs trust, that addresses the needs of a disabled person. Putting instructions in your will may not result in the care you want or planned for.
Knowing the legal options you have
When creating a will, knowing your legal rights and options is helpful. This includes what you should leave out of your will.