One of the most important aspects of estate planning is creating the last will and testament. This document indicates who will receive your properties in case of your passing or incapacity.
A last will and testament attorney is someone you can trust to prepare this document. They will also tell you which assets should be left out, so your estate can be distributed easily. Here are the things that are usually not included in wills:
Some assets like bank accounts and insurance policies cannot be included in a will because they are payable or transferable after death. So, designating your beneficiaries is unnecessary. To ensure your heirs receive these assets, make sure to have a beneficiary designation.
Everything that you’ve placed in a trust will be subjected to its terms. A last will and testament operates independently, so make sure to avoid including properties that the trust will take care of and distribute. This is to prevent inconsistencies and legal problems.
If you jointly own any properties with someone, your co-owner will receive full control over these assets after your passing. So, putting these in your will might just cause problems.
Community properties such as those that you acquired during a marriage can be split equally. But you don’t need to include them in your will since your partner is legally entitled to these properties.
These can be included in your will, but they are better left out because they are a probate asset. You can’t pass them down to a living beneficiary without the necessary process. It is why it’s better to explore other options with a lawyer when it comes to the succession of their businesses.
If you need assistance in creating your will, turn to an attorney who can provide reliable services. With an experienced lawyer, you can rest assured you will be guided in making important decisions.
Choose Beth Sparks Hunt Attorney at Law. When it comes to estate planning and probate experience, you can count on our attorney. We have helped thousands of satisfied clients meet their goals. Get in touch with us for questions and concerns.
