Ten Things to Keep OUT of Your Will!

Making a last will and testament is a wise decision that can save money, time and heartache. But putting your entire life’s assets into a simple document can seem daunting, if not impossible. What is important to remember is some things do not belong in your will.

1. Conditional Gifts can get tricky. The Court may allow many conditions on gifts, leaving a car on the contingency that someone finishes school is quite fine. Courts however are weary of these kinds of gifts and will strike out conditions such as ordering someone to marry, divorce or change their religious views.
2. Joint Tenancy Property. Property that automatically passes onto a surviving co-owner is known as property owned in joint tenancy. This property by law automatically passes to the surviving joint tenant regardless of what your will says.
3.  Living Trust Property.  I have written in the past about how to avoid probate by creating a living or inter vivos trust for your property. Thus it goes without saying this property avoids probate. Whoever is the beneficiary of the trust will get the property and probate is avoided. The property will be owned by the beneficiary (in trust) but it is protected by the trustee.
4. Life Insurance also does not go through probate, it goes directly to the listed beneficiary.
5. Retirement Proceeds such as an IRA or 401(k) also have a section where you select a desired beneficiary thus avoiding probate as well.
6. Stock Portfolios held in beneficiary also will avoid probate for similar reasons. The form from your brokerage account will have a named beneficiary form that can be changed periodically.
7. Funeral Plans: often probate does not start until after the funeral. Put these kind of instructionsin a separate document to ensure they are respected.
8. Other Estate Planning/ Legal Instruments. Do you want to protect a disabled relative, care for an elderly relative or pet? Your will is not the proper place for this. Set up trusts separately and ensure they are executed properly do not use your will as a one stop shop for estate planning, its not.
9. Gifts to Pets. Animals do not have the capacity to own property, so please stop leaving them your home! Instead, try leaving the pet with someone who you trust to take care of them and vest them with the property you wish to stay with your pet. Another option is a pet trust fund.
10.  Tax Evasion or Other Illegal Materials. Illegal request can invalidate parts of your will, so keep them out of there. This includes any sections designed to avoid the estate tax.

A properly written will should be a streamlined, professional reviewed document. Do not take short cuts now and pay for it later. Worse, do not try a trick that will only end up putting your assets through a tedious probate process.

Always make sure you plan your estate with an experienced probate attorney whose trained in litigation and estate planning. Want to learn more? Check out our FAQ video library at: http://www.pankauskilawfirm.com/Firm-Overview/FAQS.shtml