Legal Brief: Things You Should Never Put in Your Will

[Claudia Bingham]

A will is a vital estate planning document, and allows you to distribute your assets and property according to your wishes. However, there are several items that should NOT be included in a will:

Property held in a living trust or joint tenancy – property deeded to a living trust cannot be willed to someone else, and a will cannot change the right of survivorship in joint tenancy, which passes to the joint tenant by law.

Accounts with designated beneficiaries – financial accounts and life insurance proceeds go to beneficiaries who are designated by you via a designated beneficiary form, and cannot be given to someone else through a will.

Contingency gifts – leaving assets that are contingent on the beneficiary performing a duty or act (like marrying or attending college) is not always legal. Generally speaking, you cannot “manage from the grave” by making an inheritance contingent on someone getting married, changing their religion, etc.

Provisions for those with special needs – this should be done via a special needs trust.

Provisions for pets – pets do not have the legal ability to own property, so consider establishing a pet trust to care for your pet(s).

Funeral instructions – since a will may not be read until after the funeral, leave instructions for your funeral arrangements in a letter of instruction or discuss your wishes with loved ones.

If you’d like to learn more about establishing your personal estate plan, call our office today at [phone] to schedule a time for us to sit down and talk with Claudia Bingham, your Personal Family Lawyer®. We normally charge $750 for a Family Wealth Planning Session™, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.

[Stacey Shanahan ~ Community Mgr.]

Hello Claudia, thank you for sharing such valuable information when it comes to a personal will. I must admit, there are a few topics in this article that I'm going to have to revisit, such as, accounts with disignated beneficiaries. If beneficiariies should not be in a Will, why is there sections in the legal form asking for this information? Thanks for sharing! ~S

[Claudia Bingham]

Hi Stacey! Thanks for reading the article and for your comment! Just wanted to see if you could clarify for me! When you say "legal forms," what exactly are you referring to? What many people may or may not realize is that accounts like life insurance and financial accounts are separate assets and will pass according to your agreement with the life insurance agency or financial institution. You cannot leave a life insurance policy to someone in a Will. You must go through your agency to change a beneficiary. However, you can always designate guardians to your children and beneficiaries of other assets to your estate. I'm at a conference this week, but I'd be happy to connect with you next week when I get back and try to answer any questions you have! I hope that helps! Thanks again! Take care!

Claudia

[Stacey Shanahan ~ Community Mgr.]

Hello claudia, thanks for connecting. I hope you are enjoying your conference. I'm out of town this week as well; however, I will be back in NC on Tuesday. I'd love to connect and chat. When you get back and settle in, feel free to give me a buzz any time. 919-272-4978. Enjoy the rest of your week ~S

[Claudia Bingham]

Will do! Enjoy your time out of town as well and I'll touch base with you once I get back! Take care!