Most people know that preparing a will is important, but if you stop at that point you may be shortchanging yourself and your heirs. A will should be a vital part of an estate plan, but not the only part. In some cases, a will simply cannot legally accomplish certain actions, and in other cases there exists a more expedient means of dealing with estate assets. Read on for more information about what you can expect from a will and about other estate planning measures.
Burial Instructions
Most people feel that a will is the perfect location for making their wishes known for final preparations. In reality, the will sometimes cannot be located or accessed quickly enough to be useful. The appointed executor of your will or a trusted family member should be given burial instructions that are separate from the will and in an easily accessible location, such as a desk drawer.
Conditional Bequests
Careful consideration should be given to any special requests placed on inheritances. In some states, certain conditions are actually illegal and will invalidate the will. You can, within reason, place conditions such as requiring that money given to a beneficiary be used for certain purposes. For example, you may leave a young person money with the condition that the money is only to be used for college. Be sure to check with your estate attorney before placing restrictions on bequeathals. Remember also that you could be placing an undue hardship and responsibility on your executor to enforce these provisions.
Pets
We all think of our pets as children, but the law sees it differently. You cannot leave money to your pet for their continued care, since pets are considered property and therefore cannot own property. You can, however, leave your pet to a trusted friend or family member and designate a sum of money for their care.
Special Needs.
There are better means than a will for those wishing to provide long-term care for a loved one after their death. Great care should be taken to ensure that provisions and assets available to the special needs individual doesn't interfere with other benefits, such as government benefits. Consult with your estate attorney to see if one of several types of trusts are a better choice for this purpose.
Previously Designated Property
You can place designations on certain types of assets that allow the asset to pass directly into the hands of a beneficiary without having to go through probate. Bank accounts and investment accounts can have payable-on-death and/or transfer-on-death designations added that result in a quick and worry-free method of asset transfer upon your death.
As you can see, wills are only one way to provide for others after your death. Speak with an estate attorney at a law firm like Acton & Snyder, LLP for more information today.
Share