Nobody likes to contemplate death, but life can change in any given moment. You want to prepare yourself and your loved ones for the unexpected, and drafting a solid will is part of that process. It can seem tedious and time-consuming at first, but your loved ones will thank you for planning ahead.
There are many things you may want to put in a will, such as information about where your assets will go when you’re gone. If you lay this out ahead of time, your loved ones should respect your wishes, no matter the size or value of your belongings. While you may have a lot you desire to return to your family, there are some asset distributions unenforceable under the law.
3 things you shouldn’t put in your will
It may seem overwhelming to decide what to put into your will, but knowing what not to put in the will can make the process easier. Some things you may want to avoid writing into your wall include:
- Life insurance and retirement accounts: You and your spouse more than likely will not pass away at the same time. Even if you have a sizable life insurance or retirement account, those assets will typically transfer to your designated beneficiary listed in your plans. In most cases, that beneficiary is your living spouse.
- Funeral plans: Some people like to plan their funeral before they pass. However, your body isn’t considered property. Because of this, you cannot enforce burial or funeral requests in your will.
- Shared property: If you and your spouse co-own your home, you both have the right to survivorship under joint tenancy. If you die before your spouse, they will inherit your home upon your death. Putting a joint tenancy provision in your will likely will not make a difference.
There’s never a wrong time to plan for the future
Life can be extraordinary and beautiful. But there’s always something that can catch us off guard. When people list their desires, it can give them better control of their assets.
You also need to know what preparation of a Last Will and Testament can do, and cannot do. There are a number of estate planning options you may want to consider along with your Will planning. You are welcome to contact Lewis Law Office for a “free” estate planning conference.
