Wills are essential documents for planning the redistribution of your estate when you pass, and you should definitely be careful about what you leave in them. Certain items can complicate the process or even invalidate your wishes, and we’ve compiled some of these so you can exclude them from your will.
Jointly Owned Property
If you’re thinking of leaving property held in joint tenancy in your will, don’t–this can cause all manner of problems. Such property will automatically transfer to any surviving owners, bypassing the will completely. Including it will only lead to confusion and legal challenges, complicating the distribution of your estate.
Retirement Accounts
Never leave retirement accounts such as IRAs or 401(k)s in your will; they have designated beneficiaries that will overrule your will. Including them will only cause confusion and conflict, and communications between the will and the account’s beneficiary designations will be necessary, holding the process up.
Life Insurance Proceeds
Always remember that life insurance policies have designated beneficiaries, just like retirement accounts, and should, therefore, not be mentioned in your will. The proceeds are paid directly to the named beneficiaries, not through your estate, so including them will inevitably lead to unnecessary delays and potential legal issues.
Conditional Gifts
When writing your will, don’t include gifts that come with conditions. For instance, leaving money to a relative on the condition that they graduate from college is a terrible idea. According to Nolo, such conditions can be confusing, resulting in mixed interpretations that may stop them from being enforceable.
Digital Assets
You should always avoid listing digital assets like email accounts, social media profiles, and online subscriptions in your will. Instead, designate a digital executor who can handle these items outside of the will. This approach ensures your online presence is managed appropriately without dealing with time-consuming legal complications.
Funeral Instructions
Wills are often read after the funeral, making them unsuitable for funeral instructions. Instead, it’s better to communicate your funeral wishes directly to family members or through a separate document. This ensures your preferences are known in advance, allowing them to be respected without delay.
Payable-on-Death Accounts
Just like the last two points, bank accounts with payable-on-death (POD) designations will transfer directly to the named beneficiaries, so you shouldn’t put them in your will. They’ll be caught up in legal entanglements, which will be unpleasant for everyone, so just ensure that your POD designations reflect your wishes.
Personal Sentiments
Wills are legal documents; they’re not the place for personal sentiments or emotional messages. Including such notes can complicate the legal interpretation of your will, so it’s best to express your feelings and thoughts to loved ones in letters or other personal communications outside of your will.
Business Interests
Specific planning is necessary for the transferring of business ownership, so don’t leave such plans in a general will. Creating a separate succession plan or trust is more appropriate for handling business matters, ensuring a smooth transition and continuity of your business operations.
Illegal Requests
This should go without saying, but illegal requests or instructions should never be included in your will. Such requests will, unsurprisingly, be unenforceable, and they could even invalidate your entire will. So, always ensure your will complies with the law to avoid complications and ensure that your wishes are respected.
Care for Pets
It’s selfish and cruel to leave pets in a will, especially if this hasn’t been discussed with the receiver. Instead, discuss this in advance and lay out your plan in a pet trust. This will allow you to designate funds and caretakers, ensuring their welfare is maintained after your passing.
Burial Plots
Just like with funerals, avoid including burial plot instructions in your will, as such decisions generally demand immediate attention. Make arrangements for burial plots separately and inform your family of your choices with plenty of notice, ensuring that your burial wishes are honored correctly.
Property Overseas
Handling property located in other countries through a will can be seriously complicated, as each country has different legal requirements and processes. To tackle this, it’s advisable to create separate legal documents according to the laws of the country where the property is situated to ensure proper handover.
Organ Donation Wishes
It might sound morbid, but many people leave organ donation preferences in their will, and they really shouldn’t. Instead, register your wishes with an organ donation registry and inform family members in advance. This ensures your intentions are known and can be acted upon promptly, potentially saving lives.
Outdated Information
When writing your will, never include outdated information or details that may change over time, like addresses or minor personal details. Such information can cause confusion and misinterpretation, so focus on clear, unchanging instructions and update them regularly to reflect your current wishes.
Specific Personal Items
If you leave personal items such as heirlooms in your will, you can guarantee that you’ll cause legal and family disputes. Instead, you should use a separate letter to outline the distribution of such personal items and discuss this with your family to avoid any form of jealousy or upset.
Vague Descriptions
Never write vague descriptions in your will, as these could be down to interpretation, leading to ambiguity amongst your family. Clearly identify beneficiaries and assets in precise terms, and seek legal assistance if you struggle with this. The last thing you want to cause upon your death is confusion.
Complex Trust Provisions
One of the worst ways to confuse the exchanging of your estate is to include complex trust provisions. It’s much smarter to establish separate trusts to handle such complicated matters, as they offer flexibility and control over asset distribution, leaving your will unburdened with intricate legal details.