Seven Things to Leave Out of Your Will, According to Experts
Read on Kiplinger.com
At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, elder law, wills, and trusts. Crafting a will is an essential part of estate planning, but knowing what to leave out of your will is just as important as knowing what to include. Including certain items or instructions in your will can lead to complications, misunderstandings, or even legal challenges. This detailed guide provides expert advice on seven things you should leave out of your will to ensure it is effective and legally sound under New York State law.
1. Gifts or Bequests to a Child or Other Individual with Special Needs
While it is natural to want to provide for a loved one with special needs, including them directly in your will can inadvertently disqualify them from receiving essential government benefits. Instead, consider setting up a special needs trust, which allows you to provide financial support without affecting their eligibility for benefits such as Medicaid and Supplemental Security Income (SSI).
2. Pets, and Money for Their Care
We love our four-legged family members and often want to ensure they are looked after even if we pass before they do. However, pets are considered property and cannot be named as beneficiaries or inherit anything from a will. You could earmark a certain amount of money and ask a family member to care for the pet, but once the funds are released to them, there is no legal obligation to follow your exact wishes. It is best to leave pets out of the will and instead set up a pet trust to ensure the well-being of your furry friend.
3. Non-Probate Assets
Non-probate assets are those that pass directly to a beneficiary outside of the will. These include life insurance policies, retirement accounts, and jointly held property. Listing these assets in your will is unnecessary and can create confusion. Ensure that beneficiary designations for these accounts are up-to-date and align with your overall estate plan.
4. Terms That Leave Fixed, High, or Unrealistic Dollar Amounts to Individuals
Leaving fixed, high, or unrealistic dollar amounts to individuals can cause complications, especially if the value of your estate changes over time. If your estate’s value decreases, there may not be enough assets to fulfill these bequests, leading to potential disputes among beneficiaries. Consider using percentages or proportions instead of fixed amounts to ensure a fair distribution of your assets.
5. Conditional Gifts
Conditional gifts, which are bequests that only take effect if certain conditions are met, can lead to legal challenges and complications. Conditions such as marriage, graduation, or achieving certain life milestones can be difficult to enforce and may create disputes among beneficiaries. It is best to avoid conditional gifts in your will and instead consider other ways to encourage desired behaviors or accomplishments.
6. Secure Information
Your will is a public document once it goes through probate, so including secure information such as passwords, PINs, or other sensitive details is not advisable. To protect your secure information, consider creating a separate document and storing it in a safe place known to your executor or trusted family members. This way, your sensitive information remains private and protected.
7. Funeral Instructions
While it is important to plan for your funeral, including detailed funeral instructions in your will is not the best approach. Wills are often not read until after the funeral, which means your wishes may not be known in time. Instead, communicate your funeral wishes directly to your family members and create a separate document outlining your preferences. Ensure that your executor or a trusted family member knows where to find this document.
How to Ensure Your Will is Effective and Legally Sound
Creating a will that effectively communicates your wishes and avoids potential pitfalls requires careful planning and legal expertise. Here are some steps to ensure your will is effective and legally sound:
1. Consult an Estate Planning Attorney
Work with an experienced estate planning attorney who understands New York State law. Your attorney will help you draft a will that meets legal requirements and addresses your unique needs and goals.
2. Review and Update Your Will Regularly
Life circumstances change, and your will should reflect these changes. Regularly review and update your will to ensure it continues to meet your needs and accurately reflects your wishes.
3. Communicate with Your Beneficiaries
Clear communication with your beneficiaries can help prevent misunderstandings and disputes. Inform your family members of your plans and the reasons behind your decisions.
4. Coordinate with Your Overall Estate Plan
Your will should be part of a comprehensive estate plan that includes trusts, beneficiary designations, powers of attorney, and healthcare directives. Ensure that all components of your estate plan work together seamlessly.
How Morgan Legal Group Can Help
At Morgan Legal Group, we have extensive experience in estate planning and are committed to providing compassionate and professional legal services. Here’s how we can assist you in creating a comprehensive estate plan that meets your needs:
Personalized Legal Advice
We provide personalized legal advice based on your unique situation and goals. Our attorneys will help you understand the legal requirements and best practices for creating a will and other estate planning documents.
Drafting and Reviewing Documents
Our attorneys can draft and review your will and other estate planning documents to ensure they comply with New York State law and accurately reflect your wishes.
Assisting with Asset Management
We will guide you through the process of managing your assets, updating beneficiary designations, and ensuring that your estate plan is comprehensive and effective.
Ongoing Support
We provide ongoing support to help you manage your estate plan and address any issues that arise, ensuring that your plan remains effective and up-to-date.
Conclusion
Knowing what to leave out of your will is essential for creating an effective and legally sound estate plan. At Morgan Legal Group, we are dedicated to helping you navigate the complexities of estate planning and providing the best possible legal services. Contact us today to schedule a consultation with an experienced estate planning attorney and ensure that your will and estate plan are prepared to protect your interests and honor your wishes in New York.
Frequently Asked Questions
What should I leave out of my will?
According to experts, you should leave out gifts or bequests to individuals with special needs, pets and money for their care, non-probate assets, terms that leave fixed, high or unrealistic dollar amounts to individuals, conditional gifts, secure information, and funeral instructions.
Why should I leave certain items out of my will?
Leaving certain items out of your will can prevent legal complications, ensure the effective distribution of your assets, and protect the interests of your beneficiaries. Some items, like non-probate assets and pets, are better managed through other estate planning tools.
How can I provide for a loved one with special needs?
To provide for a loved one with special needs, consider setting up a special needs trust. This allows you to support them financially without affecting their eligibility for government benefits such as Medicaid and SSI.
How can Morgan Legal Group assist with estate planning?
Morgan Legal Group provides personalized legal advice, drafts and reviews estate planning documents, assists with asset management, and offers ongoing support to ensure your estate plan remains effective and up-to-date.
