Four Things To Leave Out Of Your Will

People draft a last will and testament for many reasons. One of the main purposes of a will is to outline how property is distributed after a person passes away. By drafting a will and making sure it is executed properly, you can have the peace of mind knowing that your loved ones will be cared for after you pass away. Often, people try to include as much property as possible within their wills, but that is not always wise. Below, our Daytona Beach wills and trusts lawyer outlines four things to leave out of your will.

Jointly-Owned Property 

Any property that is jointly owned with another person cannot be included in your will. This is particularly true when property is jointly owned and it has the right of survivorship. Jointly owned property that has the right of survivorship will automatically transfer to the surviving owner when one owner passes away. For example, if you co-own a home with a family member, they automatically become the sole owner of the property if you pass away.

Property in a Trust 

A will allows you to distribute property to a loved one after you pass away, but so does a trust. Trusts are legal documents and once a trust is created, property is placed into it. This is known as funding the trust. Trusts are separate legal entities from the people who create them and so, they do not need to pass through probate. This is one of the biggest benefits of a trust. These legal documents also name beneficiaries, who will receive the property soon after the settlor, or person who created it, passes away.

Property with Named Beneficiaries 

Retirement accounts, bank accounts, pension plans, and certain investment accounts often have named beneficiaries on them. These will automatically pass to the beneficiary upon your death and so, it is not necessary to include them in your will. In fact, if you include these accounts into your will, it could create problems in the future.

Your Funeral Wishes 

Many people have specific wishes for their funeral and they believe that including these in a will ensures that they are carried out. Unfortunately, this is not true. Family members start planning a funeral just days after someone passes away. The probate process has not yet started at this point, and surviving loved ones may not have even found the will yet. By the time the will is found, the funeral will likely have already taken place. To ensure that your funeral wishes are upheld, speak to loved ones about them during your lifetime.

Our Wills and Trusts Lawyer in Daytona Beach Can Help with Your Case 

While there are many things to include in your will, there are also things you should leave out of it. At Bundza & Rodriguez, our Daytona Beach wills and trusts lawyer can help you draft your will and make sure it is properly executed so your final wishes are respected. Call us now at 386-252-5170 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html