Creating a Will: What You Should Never Put in Your Will
Creating a will is an essential part of estate planning, ensuring that your assets are distributed according to your wishes after you pass away. While it's crucial to include specific details and instructions in your will, there are certain things that you should never put in your will. Understanding what not to include can help prevent confusion, disputes, and legal challenges for your loved ones in the future.
Personal Letters or Funeral Instructions
While it may seem sentimental to include personal letters or funeral instructions in your will, these documents are not legally binding and may not be discovered until after your funeral. It's best to communicate your funeral wishes directly with your loved ones or through a separate document that can be easily accessed when needed.
Conditions on Gifts After Death
Avoid placing conditions on gifts in your will that require the recipient to meet certain criteria or perform specific actions to inherit. These conditions can complicate the distribution process and may lead to conflicts among beneficiaries. It's recommended to keep your bequests straightforward and unconditional.
Jointly Owned Property or Assets
If you own property or assets jointly with someone else, such as a spouse or business partner, these assets typically pass directly to the co-owner upon your death. Including jointly owned property in your will can create unnecessary confusion and delays in the transfer of ownership.
Funeral Funds or Life Insurance Policies
Designating funeral funds or life insurance policies in your will can cause delays in accessing these funds when they are needed most. Instead, ensure that your beneficiaries are aware of these policies and have the necessary information to file a claim promptly.
Digital Assets and Account Passwords
While it's essential to account for your digital assets and online accounts in your estate plan, including passwords and login information in your will can pose security risks. Consider using a secure digital password manager or storing this information in a separate, secure location.
Assets with Designated Beneficiaries
Assets such as retirement accounts, life insurance policies, and payable-on-death bank accounts typically have designated beneficiaries. These assets pass directly to the named beneficiaries and are not governed by your will. Be sure to keep your beneficiary designations up to date to reflect your current wishes.
Illegal or Unethical Requests
It's crucial to ensure that your will complies with state laws and does not contain any illegal or unethical requests. Including such provisions can invalidate your entire will and create significant legal challenges for your estate.
Final Thoughts on Creating a Will
Creating a will is a vital step in planning for the future and ensuring that your assets are distributed according to your wishes. By avoiding the pitfalls mentioned above and seeking guidance from legal professionals, you can create a clear and effective will that provides peace of mind for you and your loved ones.
