It is always a wise decision to leave a last will and testament. However, only 72% of seniors in the U.S. have a living will. A will is what tells your surviving loved ones what your wishes are regarding real property, money, and other assets.
A will can also keep surviving loved ones from creating a family rift over your estate. Surprisingly, it only takes up to 15 minutes to draft a last will and testament. However, before you write down your final wishes, it is important to take into consideration what you should not include in your will.
What Not To Include In A Will: Special Property
One of the most important parts of estate planning for a last will and testament is to know what types of estate have rules independent of your will. For instance, you may be able to give a house you own to one of your children, but you may not be able to pass on a property that has a joint tenancy.
In joint tenancy, the property passes on to the surviving tenant according to U.S. law. Likewise, property in a living trust automatically goes to the beneficiary and does not need to be included in the will.
Additional property that should not be included in a last will and testament include life insurance proceeds that have a beneficiary, retirement plan proceeds, stocks and bonds, and proceeds from a payable-on-death bank account.
All of these proceeds require you to have a named beneficiary at the time they are created. Therefore, you do not need to include them in your will.
Write Your Funeral Instructions Elsewhere
One of the most common misbeliefs is that your will is where you write your funeral instructions. However, in many cases, the will is not read until after the funeral has taken place.
Rather than writing your funeral instructions in your will, consider writing another document regarding your funeral wishes. This document can then be given to the executor of your estate or your family lawyer. It is also recommended to speak to your loved ones about your funeral wishes so they know your plans in advance.
As a part of elder law, it is a wise decision to write a last will and testament. For more information on elder law and estate planning, contact the estate planning lawyers at Horn Law Group today.