While a will is a cornerstone of estate planning, it is not all-encompassing. Certain things are best left out of a will to help ensure a smooth and efficient distribution of your assets.
Here are several things that can be more easily addressed with other estate planning tools and left out of your will.
Assets with designated beneficiaries
Assets such as retirement accounts, life insurance policies and payable-on-death bank accounts have designated beneficiaries named outside of your will. Specifying them again in your will is unnecessary and can lead to confusion after you’re gone.
Property you jointly own
Since ownership automatically shifts to the surviving owner(s), including jointly owned property in your will is redundant. Examples of property you may own jointly include real estate, bank accounts and vehicles.
Tangible personal property
Distributing personal possessions like jewelry or furniture can be more effectively handled through a separate letter kept with your will and other estate plan documents. This allows you to express your desires for specific items without the formalities of a will. With guidance, you can help ensure the letter complements rather than complicates your estate plan.
Arrangements for pets
Your loyal companions deserve to be cared for after you are gone, but a will is not the best place to address your pets’ future. Leaving money directly to a pet is not legally possible, and simply naming a caretaker does not ensure their continued well-being. Creating a pet trust will help you give them proper protection.
Omitting these elements from your will keeps it clear and concise, reducing the risk of misinterpretations and challenges during probate. A legal point of view can help ensure that your entire estate plan functions according to your wishes.
