Wills are documents created so that a person can make their wishes known. This enables their financial estate to be managed according to their wishes in the event that they become incapacitated or lose their life.
If you are considering creating a will, you may be unsure of where to start. It is paramount that wills are written clearly and that it is validated according to state laws. While wills cover many different types of assets, some types of assets do not need to be mentioned. The following are some types of assets that should not be mentioned in a will.
Joint tenancy property
If you jointly own property with another person, such as your spouse, you will not need to mention this property in your will. This is because the property will automatically be inherited in full by the surviving spouse.
Property in a living trust
If you have set up a living trust, all of the assets held within will be automatically transferred to the designated beneficiary. This means that the assets do not need to be mentioned in the will and that they will not go through probate.
Life insurance proceeds that have a beneficiary
Most life insurance plans have the opportunity for you to designate a beneficiary. Therefore, if you designate a beneficiary, all proceeds will go to them automatically.
You must plan your will carefully and think about all assets that should and should not be included. Assets mentioned in a will need to go through the probate process, so you may also be interested in strategies to help avoid probate.
