A will is a powerful document that can achieve many important estate planning needs. However, there are limits to what people can do with their wills. It is as important for people to avoid inappropriate inclusions as it is for them to make sure they include the most important, necessary terms. Partnering with a legal professional makes it easier for people to know what to add to an estate plan and what they shouldn’t include in a will.
Especially in scenarios where a will is the only estate planning document that someone establishes, precision and legal validity are of the utmost importance. What do people need to know about the terms that they may include in their wills?
The most important will inclusions
There are generally three specific issues that people want to address in their wills. The first is their beneficiary designations. They can indicate which people should inherit what property from their estates.
The second is the designation of a personal representative or executor. Choosing the right person to oversee probate proceedings is an important component of any estate plan. Finally, people who have minor children typically want to name a guardian for their children in case a tragedy occurs while they are still minors.
Inclusions that are not appropriate in wills
Sometimes, the details that people want to include in an estate plan don’t belong in a will. While naming beneficiaries for personal property and other assets in a will can be smart, a will is not the place to address life insurance.
Some people have a false sense of confidence because they add terms to their will indicating that a particular party should receive the proceeds from a life insurance policy. Typically, people have to make that adjustment by filing paperwork with the life insurance company.
Another important consideration that a testator may want to address in their will is their memorial service or funeral. However, people frequently don’t perform an in-depth review of the will until after those services conclude.
Unfortunately, when there is a delay in reviewing the will, families may not have information about someone’s burial and memorial preferences. Communicating those instructions elsewhere is often a smart decision for those who have specific plans for not just their legacy but also their memorial service.
Taking the time to draft a thorough will is an important aspect of estate planning. People who understand what to include in their wills can draft effective documents and update them as appropriate.