What you should never put in your will?

Will or testament is a legal document that ratifies your wish to pass your property to your loved one upon your death.

Basically, your will facilitates the easy transfer of the estate to the proper beneficiaries. Still, it also includes other essential details such as what properties will pass to the beneficiary and who will manage your estate until its final distribution.

This is where you‘d require a will attorney by your side to draft an appropriate will. Get in touch with Mark Gray Law PLC., the most reliable will attorney in Ankeny.

An AARP survey revealed that two out of five Americans over 45 don’t have a will.

But, not having a will isn’t a solution –it’s a nightmare to your loved ones because they will have to go through a lot of legal and financial complications to claim your estate after your death.

Types of Estate to include in a will

· Real property, such as real estate, land, and buildings

· Cash -Money in checking accounts, savings accounts, and money market accounts.

· Intangible personal property, such as stocks, bonds, and other forms of business ownership, as well as intellectual property, royalties, patents, and copyrights, etc.

· Unproductive property — valuable objects like cars, artwork, jewelry, and furniture, etc.

What to avoid in your will?

A will is necessary, but how do you know what to add to your will and what not?

Your will shouldn’t include types of property that can directly pass to beneficiaries outside of probate. Leaving certain items out of your will can benefit your future heirs because they’ll get their inheritance faster. Probate is a lengthy process and often becomes complicated when your will is contested. You can easily avoid probate on those items by removing them from your will.

Let’s take a look at the items that you should avoid adding in the will.

Property in a trust

Wills and trusts are both critical estate-planning tools, but they differ in meaningful ways. Trust passes to your beneficiary by adhering to trust rules. It also comes into effect before the will does.

Since the trust operates independently, you would not need to add it to your will. Many grantors build trust so they could keep their heirs out of probate court. Trust isn’t usually challenged in the court, and it doesn’t go through the probate process.

If you’re sure that you want to pass the specific estate to your loved one, you can consider creating a living trust instead of putting it in a will.

Assets with named beneficiaries

Some assets are payable or transferable on death to the named beneficiaries, making putting them in a will unnecessary. You can choose to add them on the will, but it can create complications when you’re inconsistent.

You can include information about this estate in your letter of instruction instead. These assets include

· Bank accounts

· Brokerage or investment accounts

· Retirement accounts and pension plans

· A life insurance policy

They are also crucial because they ensure assets go to the right individual, they come with tax advantages for heirs, and they help heirs avoid probate.

Jointly owned property

You partly own joint tenancy property, so you can’t mention it in the will. The jointly owned property directly passes to the co-owner after you die. These properties may include house, business, real estate, joint bank accounts, jointly-owned brokerage account, investments, etc.

This arrangement is called joint tenancy with rights of survivorship.

In some situations, you may jointly own property with someone else even if both of your names are not explicitly named. Anything you acquired during marriage may be considered community property in a community property state, and ownership is split equally between you and your spouse.

There are only nine community property states, plus three states that allow residents to opt into community property law. Check if you live in the community property state.

Other things not to include in a will

Business interests -Mentioning business interests in the will is a bad idea because a will must be probated in court. You’d instead want to seek the assistance of an estate planning attorney to pass off your business interests to the right heir.

Funeral instructions -The funeral arrangement isn’t helpful in a will. Personal wishes and desires are best saved for a letter of instruction.

Will vs. Estate Planning

A will is more straightforward; it directs the distribution of the estate. However, an estate plan includes an arrangement of distribution of assets that results in maximum benefits to the beneficiaries.

Let’s put it this way; estate planning helps to transfer your wealth and asset to the right person after your death without going through lengthy legal complications.

Without the proper planning and documents, the probate court may lead to the unintended distribution of assets. Estate planning also involves giving family members or an attorney permission to carry out your wishes if you become incapacitated while still alive.

Should you write your own will?

It’s easier to draft a will than you can imagine. Legally, you can draft your own will. You can find different types of software to write wills that don’t require assistance from the lawyer.

But is it a good idea to draft your own will?

Drafting a will requires prior knowledge about state law regarding property transfer and limitations. A will attorney is informed about all the legal complications related to drafting an incorrect will; hence it’s better to seek an experienced attorney’s help.

If you have a complicated or valuable estate, you’re better off seeking legal advice. As a cost-saving option, you can write a will and then hire a lawyer to review it.

For more information please check this infographic out.

Do seek out advice from a qualified attorney with experience in estate planning before drafting a will. Get in touch with Mark Gray law PLC, the best estate planning attorney in Ankeny.