Did you know that 62% of Americans don’t have a will even though the COVID-19 pandemic produced a rise in estate planning? If you are starting to write a will, you are making important life decisions.
Writing a will isn’t easy and many wonder, “what should you never put in your will?” Multiple things don’t go in a will, but we cover the common three. Read on to learn more.
1. Partnerships, Joint Accounts, and Insurance
What should you never put in your will? Because a joint account names more than one account holder, you don’t need this in your will. Funds in a joint account are settled by going towards the living account holder.
A partnership should be settled outside of the will and estate planning. Your partner must consent before you can transfer your share of a business to someone else.
Similar to joint accounts, insurance is noted in the estate plan and does not need to get added to the will. Life insurance payouts will be automatic if you named a beneficiary before your death.
During will preparation, you might have certain requests and conditions. Although conditions won’t make a will null and void, they can make your final wishes confusing.
When making a will, you should be specific about who is getting your assets. Adding a condition to this specification might not work as you planned.
For example, if you have a vacation house in another state that you want your child to receive, but they have to move into it, is an obscure condition for a will. Enforcing this term or similar terms on someone is difficult.
If you want your inheritance to be used as you wish, you are better off opening a trust. A trust will provide you with more control over your possessions even after death.
You can reach out to Welch Law Firm if you aren’t sure how to go about writing certain conditions you don’t want to leave out.
3. Digital Assets
Digital assets like social media accounts might not be something you want to pass on because of how personal they might be. However, some do choose to designate accounts and note how they should be managed.
If you want to pass on digital assets, you have to make arrangements outside of your will. It’s important to note that a company might have specific guidelines about account management after the owner’s death.
Wills might become public after death, so it is important not to disclose anything about your private life when you write a will. Although there are different types of wills, none of them should include account numbers, usernames, and passwords.
What Should You Never Put In Your Will? Explained
So, what should you never put in your will? Conditions and digital assets don’t need to be in the will and require special arrangements. Among those, partnerships, joint accounts, and insurance don’t belong in a will.
Writing a will is not an easy task. Your best bet at getting it right is to hire a professional who can ensure your wishes come true.
For more informative articles like this, check out the other posts on our blog.