Your final will is undeniably the cornerstone of your entire estate plan. It empowers you to decide how your assets are distributed among your family members after you pass.
A will is vital for you and your family, but it is often best to address certain assets and property in other ways. Below are three examples of what not to include in your last will.
Assets with named beneficiaries
When you created your life insurance policy or retirement account, you probably declared who would receive them after your death. Since these assets pass automatically to the named beneficiaries, there is no need to address them again in your will. Doing so may even create confusion or misunderstandings.
Pet care and maintenance
Are you planning to leave some money behind in your will for your pets to ensure they continue thriving? Since animals are property in the eyes of the law, they are ineligible to receive an inheritance. However, you can create and fund a special trust that allows someone you choose to assume the task of loving and caring for your pets.
Property belonging to a trust
Speaking of trusts, they can be invaluable in protecting wealth and helping your loved ones avoid probate. However, you should not include trust property in your will because you no longer own those assets, even though you may still control them. Including assets already held in trust could cause complications with your will.
Estate planning can be complex, but with knowledgeable guidance, you can ensure your documents work together instead of conflicting. Learning about Idaho estate and probate laws can also help you prevent problems for your loved ones when they are grieving your loss.