Death is something that nobody wants to think about. But as we all know that it is inevitable, and we can’t control it.
But what we can control is what happens with our physical, monetary, and digital assets after we are gone. And that’s where creating a last will with the help of professional estate lawyers Barrie comes into play. The last will details everything that you will leave to the rightful heirs. Now, when you start preparing your last will, you will find things that must be included. But it is also critical to know the things you can’t include in the last will. Here are a few things that mustn’t be included in your last will.
Don’t include your funeral instructions
The last will is executed only after the funeral rites are done. So, even practically it doesn’t make any sense to include your funeral instructions in the last will. However, if you have any funeral instructions, you can either talk to your loved ones or make a separate document detailing the instructions and hand it over to your loved ones before you die.
Properties that can’t be included in the last will
Few types of properties and assets can’t be included in the last will as they have a different way of execution. For example, life insurance policies are directly transferred to their beneficiaries, hence they can’t have separate instructions in your last will. Other types of assets that can’t be included in your last will are joint tenancy property, retirement plan money, money from a payable-on-death account, living trusts, and stocks and bonds. Most of these have a default beneficiary mentioned while they were taken out.
Don’t complicate last will with unreasonable conditions on gifts
Although you can list some things that you want to give as gifts to your loved ones, make sure to not complicate it by putting unreasonable/illegal conditions in your last will. Consult your Barrie family lawyers to determine the best way to leave gifts for your loved ones. For example, you can include something like “to Mary, when she turns 18 years old”. But you can’t include something like “to Rebecca, as long as she grows marijuana”.
Apart from these things, your last will is not a way for you to escape probate or estate taxes. Don’t include gifts for your pets in the last will. If there is a special needs person, create a special needs trust for them rather than leaving something in the last will. And for further help to make your last will, get in touch with us at Owen & Associates Law. We offer professional and experienced estate lawyers in the region for effective estate planning. We also have divorce lawyers, child custody lawyers Barrie, and more.
Contact us now to know more.