What Is Not Included In A Will?

Wills are often the foundation of many estate plans, but this does not mean that they cover everything you and your loved ones may need in the future. There are also other legal documents and designations that you may use to distribute property to your beneficiaries. Understanding what to include in a will, such as property division and a guardian for your minor children, is important. It is just as critical, though, that you understand what not to include in a will. Below, our Daytona Beach estate planning lawyer explains in further detail.

What Property Not to Include in a Will? 

Many people think that they must list every single piece of property they own in their will. In fact, this is not the case. There are many types of property that have their own legal instructions and are not distributed through a will. These are as follows:

• Life insurance policies: The proceeds of a life insurance policy will be distributed directly to the beneficiary named by the policyholder.
• Retirement accounts: 401(k)s, IRAs, and other retirement accounts also typically have a named beneficiary and so, they are not included in wills.
• POD and TOD accounts: Brokerage and investment accounts can have a transfer-on-death designation and that person will receive the funds. Likewise, bank accounts can have a payable-on-death (POD) designation that names a person to transfer the funds to.
• Jointly owner property with right of survivorship: Two or more people can jointly own a property with a right to survivorship. When one owner passes away, the other will automatically receive full ownership.

Even if the above property is mentioned in a will, designations and beneficiaries are prioritized over the will. This is one reason it is so critical to regularly review these accounts and ensure that all destinations reflect your current wishes.

Decision-Making Authority 

You can name a guardian for your minor children in your will. However, you cannot designate someone to care for you during your lifetime. It cannot dictate who will handle your financial, legal, or medical affairs in the event that you become incapacitated and cannot make decisions for yourself. For this reason, it is critical to also draft a power of attorney, healthcare directive, and other legal documents that can address these issues.

Funeral and Burial Arrangements 

Many people think it is helpful to include their preferred funeral and burial arrangements in their will. Wills, though, are often reviewed after the funeral, sometimes long after, and so, these wishes may not be respected. If you have specific preferences regarding cremation, burial, or certain elements of your service, it is best to communicate these with your loved ones directly to ensure they are fulfilled.

Our Estate Planning Lawyer in Daytona Beach Can Help with Your Plan 

There are many important considerations when creating a will and the rest of your estate plan. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can advise you of state law, answer your questions, and execute the necessary documents to ensure that you have the peace of mind you need. Call us now at 386-252-5170 or contact us online to request a consultation with our experienced attorney.

Source:

flsenate.gov/laws/statutes/2000/732.2025