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1 Remembering 9/11 and the Spirit of Patriotism That Brought Us Together 2 Simple, Affordable DIY Projects You’ll Love INSIDE THIS ISSUE Boost Your Tax Savings: Uncover Deductions, Credits, and Incentives 3 Cozy French Onion Soup Win of the Month 4 Want to Protect Your Assets? Avoid These Inclusions in Your Will
Avoid These Inclusions in Your Will WANT TO PROTECT YOUR ASSETS?
You may want to be as proactive as possible when it comes to crafting your will, but some additions might become a hindrance later on. Some forms of property and personal wishes are even better if you leave them outside the will. So, including everything in your will might do the opposite of protecting your assets and result in your loved ones having to deal with the aftermath. Before writing your will, learn what you should never include in order to keep your legacy safe. First, 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. Second, everyone should avoid placing their funeral wishes and preferences in their will. Your will can take multiple weeks before it’s consulted, 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.
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. 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 just a quick list of additives that may be harmful when left in a will. To learn more about what should and shouldn’t be included in a will, speak with an experienced estate planning attorney who can help you properly place your property and final wishes.
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