Don’t Put These 4 Things in Your Will

Don’t Put These 4 Things in Your Will

Have you started thinking about making a will?

It’s an important part of many estate plans, but too often, people assume everything they own belongs there. In reality, some decisions are best to leave out of your will completely, while others are essential.

Here is a short list of items to include and what items are best left to another part of your estate plan. 

What Should Not Go in Your Will

1. Accounts With Beneficiaries: If you have retirement accounts or life insurance policies with designated beneficiaries, you don’t need to include them in your will. Those assets will go to the named beneficiaries, even if your will says something different.
2. Your Funeral Wishes: Wills often aren’t read in the immediate aftermath of someone’s death. If you have specific wishes for your funeral, it is a good idea to communicate them directly with loved ones rather than leaving that information in your will.
3. Conditional Gifts: Placing conditions on gifts in your will can make matters quite complicated for your surviving loved ones. If you do want to set conditions, consider setting up a trust.
4. Your Pets: A trust is a good idea if you have specific wishes of how your pets will be cared for. If you set aside money and instructions in your will, there is no guarantee that your wishes will be carried out.

 

What Should Go in Your Will

1. Your Executor Designation: Appoint an executor in your will. This is the person you trust to ensure that your wishes are carried out as stated in your will.
2. Guardianship Wishes: Designating guardians for your minor children is an important function of a will.
3. Assets: You can include many assets and name the people who you want to inherit them in your will. Potential assets to include would be real estate, investments, bank accounts and businesses.

Creating an estate plan can feel overwhelming. If you have any questions, reach out today.