2. Your Funeral Wishes and Preferences — You should avoid placing your funeral wishes and preferences in your will. It can take multiple weeks before your heirs or attorneys consult your will, and by then, your funeral wishes may have been completely ignored. Rather than adding these desires to your will, leave them in a letter to your closest relative so they can have it on hand when the time comes. Consider things like whether you’d prefer to be buried or cremated, what you’d like included in your obituary, and where you want your funeral to take place. 3. Inheritance for Your Children With Special Needs — One of the most crucial elements to keep out of your will is any assets or funds left for a child with special needs. If you leave funds for them in your will, the government can cut any federal benefits they may be receiving, which can cause a significant reduction in their income. Instead, you should create a special needs trust, which will set money aside for your child that will supplement their government benefits. 4. Your Wishes for Your Pets — Lastly, your will should not include any assets or desires you have for your pets. No pet has any lawful claim to an estate or property. After you designate a guardian for your pet in the event of your passing, you should make arrangements directly with them about your wishes and what you want to leave for your pet. Another great option is to create a pet trust that officially establishes funds meant for your pet’s care and well-being. This is a favorite strategy of celebrities, who often love to pamper their pets. In 2007, wealthy real estate tycoon Leona Helmsley, for example, famously left $12 million to her Maltese, Trouble. The fluffy pup quickly became a millionaire! This is just a short list of additives that may be harmful when left in a will. The details are much more complicated! To learn more about what should and shouldn’t be part of your will, speak with an experienced estate planning attorney who can help you properly place your property and final wishes. Want to Protect Your Assets? Avoid These Inclusions in Your Will
When creating your will, you may be tempted to include directions for every single piece of your property and every personal wish that you have. This instinct makes sense, but the “better safe than sorry” approach can actually come back to bite you! In truth, you’re better off leaving some personal properties and directives out of your will. Adding these specific things to your document could backfire. Instead of successfully protecting your assets, you’ll leave an enormous mess behind for your loved ones. We’d hate to see that happen, so we’ve put together a list of the things you should never include if you want to keep your legacy safe. Here are the top four. 1. Your Business — You must never add your business to your will. All wills must go through a probate process, which can take a significant amount of time. Not only can the time delay cause issues with your business, but this probate process also opens the door for someone to challenge your will and whatever wishes you intend for your business. You don’t want your will or the company you worked so hard to operate to be subject to this challenge. Instead, work with your lawyer to create a business succession agreement to bypass these problems entirely.
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