What Should You Not Put in Your Will?
You’re working on your estate plan. While you’re certain that it should include a will, you aren’t sure about what should go into it. You’re wondering: What should you not put in your will? By finding out the answer to your question as well as working with an experienced estate planning lawyer, you can ensure your assets will be protected and your wishes will be fulfilled.
Entz Burton & Associates, estate planning lawyers, have assisted Oklahoma families and family-owned businesses with estate planning and business law for over 30 years. Reach out to us today to schedule your free consultation and learn about creating your will.
What Is a Will?
First, you should know the basics about wills, also called a last will and testament. A will is a legal document you can use to lay out how you want your assets distributed once you pass away. You can also include who you want to receive your assets, whether it’s a spouse, a child, a friend, or a nonprofit you want to help out. It’s just one part of your overall estate plan.
Does a Will Go Through Probate?
A will does go through probate, a legal process that is managed by the state. Essentially, the court will make your will public if you only have a will in place. Probate can take several months or even years depending on the complexity of your estate, how your legal documents were set up, and whether or not you have assets in other states, too.
Usually, probate will cost 2% to 5% of the probated assets’ value. So in addition to being time-consuming, it’s also costly. Plus, if you want to keep your assets private, you won’t be able to, since probate is public. This means that anyone can come and try to claim assets for themselves.
You can avoid probate by using beneficiary designations, having jointly owned property, and creating a living trust (irrevocable or revocable) as well. You’ll need to consult with an estate planning attorney on the best way to go about it.
What Should You Put in Your Will?
Your will is going to be compromised of language about the assets you own, instructions for how to distribute them, and who you want to distribute them to once you’re gone. For instance, you may have a family heirloom you’d like to pass onto your children or vintage clothing you’d like to pass on to a friend.
Your will must include your basic personal information, an executor to carry out your plans in your will, and a declaration of
If you are the parents of minor children, a will is critical for showing whom you want to be guardians for them should you pass away. You’re also able to include who you want to care for your pets, if you have any.
Your will can stipulate how you want your taxes and debts to be in your will, too.
What Should You Not Put in Your Will?
There are certain things you should never include in your will. You could end up hurting your beneficiaries as well as not have your wishes properly fulfilled.
The things you should keep out are:
- Your personal wishes
- Things you don’t want going through the probate process
- Business interests
- Some types of property
- Coverage if you have a beneficiary who has special needs
For your personal wishes, you can come up with an informal letter of instruction for your loved ones. Personal wishes include the type of funeral arrangements you would like. Since a will goes through probate, it’s going to take too long and your funeral wishes might not be met. A letter of instruction is a safeguard against that.
Your business may not succeed if it has to go through the probate process. Instead, you’ll want to create a succession plan with your estate planning lawyer and figure out the best way to go about it.
If one of your loved ones has special needs, and you want to continue providing for them after you’re gone, then it’s a good idea to set up a special needs trust. Otherwise, if you put these needs in your will, you may inadvertently hurt their chances of receiving benefits from the government.
Property in a trust, property you leave to your pet, jointly-owned property, gifts with special conditions, and property with beneficiary designations, such as life insurance, retirement accounts, and annuities should not go into your will. Some jointly owned property could include things like real estate, bank accounts, stocks and bonds, and vehicles.
Can You DIY a Will?
You may think that you can save money and time by finding a DIY will online and creating it yourself. Creating a DIY will or any type of estate planning document is not advisable. You aren’t an estate planning lawyer, and you won’t know the ins and outs of creating your estate plan. Plus, there is no one-size-fits-all when it comes to estate planning. Everyone has special circumstances, and a DIY will won’t address them.
Instead, it’s best to hire a competent and experienced estate planning attorney. If you have a high net worth or complicated estate, make sure that your attorney has worked with clients with similar needs.
If you’re worried about cost, you have to weigh the benefits of hiring an attorney. Not only will you guarantee your wishes are fulfilled – and you won’t have to worry about what will happen after you pass – but also you could save your estate tons of money. More of that money could go to your loved ones if you invest in the right attorney.
You don’t want to leave your loved ones in a bind by making them go through probate or not being clear about who you want to receive what. The kicker is that you can’t do anything about it after you’re already gone. Start preparing now so that you don’t have to fret about what could happen in the future.
Remember: You can always receive a free consultation before making up your mind. There is no pressure on you to go with a certain attorney if you don’t feel comfortable with them. Your attorney should reassure you and be able to meet all of your estate planning needs.
Contact Entz Burton & Associates
If you need help creating a will and finding out what to include in it, then get in touch with Entz Burton & Associates today for your free consultation. Call us at 405-773-9800 or 800-633-7230, or contact us on our website. We look forward to helping you with all your estate planning needs at this time.
Attorney J. Michael Entz at Entz Burton & Associates is an experience lawyer in estate planning law, business formation and asset protection serving the families in Oklahoma City and Weatherford office.
