Information You Should Not Include When Making a Will
A last will and testament, sometimes called a living will, is an important legal document that outlines your wishes for your health care, property, and assets in the event of your death. Without a will, you are considered “intestate,” and your loved ones may have to grapple with difficult decisions about your estate. However, there are some things that you cannot or should not include in your will.
Information You Should Not Include When Making a Will
1 – Types of Property
For many families, a significant amount of personal wealth is tied up in property, including homes and investment properties. However, you should not describe the type or value of these properties in your will. This information is unnecessary and may lead to complications if your family is unsure about the property and its worth.
2 – Money from a Pension
If you are making a will, you are probably aware that you cannot access your pension funds until you reach age 55. For this reason, you may want to leave a portion of your estate to your family to help with their expenses in your absence. This is fine, but do not specifically state how much money should come from your pension. Your family may not be able to access the funds if you die before the age of 55 unless you have designated a beneficiary for this purpose, and this is a difficult task, especially if you have not clarified who it should be.
3 – Property in a Living Trust
When creating a living trust, you appoint a “trustee” to handle the property in your trust. This eliminates the need for a will, so be sure to identify the trustee and an alternate trustee. However, you should not mention the actual property in your living trust in your will. This will only lead to confusion later on if you die and the trustee is not the correct person to handle your estate.
4 – Stocks and Bonds Held in Beneficiary
If you have stocks or bonds that are held in beneficiary and these stocks or bonds are not in a living trust, you can leave these securities to your heirs by stating the account number or social security number in your will. However, you should not mention the value of these securities. This information is unnecessary as well as potentially inaccurate if the security has changed in value since you purchased it.
5 – Trusts
If you leave property to your spouse or children in your will, you should not specify whether this property is held in a trust. If you do, your family may not be able to access this property because the trust will be treated as though you did not make any gifts to your family at all. It is important to keep track of this information on your own, so you can discuss it with your family and ensure that they are able to access the property once you pass.
Conclusion
You are not required to include unnecessary information in your will, but it is important to be aware of the type of data that you should not include in your legal documents. It is best to have a conversation with your lawyer to learn what belongs in your will.
If you are in need of an estate lawyer in Colorado, contact Estate Planning Lawyers in Colorado. Contact Attorney Marc Carlson for all of your estate planning needs, including wills, trusts, probate, and legacy planning.
