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4 things to leave out of your will

When you create your estate plan, you need to ensure that you are only putting in things that belong here. There are some assets that you shouldn’t include in the will because they are either covered by something else or because they don’t have a place here.

Don’t include anything that is included in trusts. These assets will be handled solely based on the terms of the trust. Including them in the will can lead to confusion and might even lengthen out the probate process for your loved one, which can cost them money.

You also can’t include any jointly held property. The right of survivorship will pass that asset along to the co-owner. Your full interest is going to dissolve when you pass away, so including it in the will is just a wasted effort.

You shouldn’t include anything that is governed by a payable on death designation. These items are things like financial accounts that have a named beneficiary for when you pass away. A few examples include bank, life insurance and investment accounts.

Your funeral plans shouldn’t be in a will because your loved ones will need these instructions prior to the estate plan being filed with the court. Your funeral instructions can be included in your letter of instructions. This lets your family know what you want right away when you pass away.

Creating an estate plan isn’t a complex undertaking, so you shouldn’t put it off. Instead, get the process started today so that you have something in place for your loved ones to follow when you aren’t here any longer.