teens with legal issues

While the importance of a will in estate planning is unquestionable, you should know that wills have limitations and you may need to go a step further to make your wishes known in the event of your death. If you are curious about how much power a will has and what it can or cannot be used for, read on.

Property With Provisions In Place

You may place designations on certain types of property that will override any provisions in a will. Some common provisions are:

1. Trusts: These legal instruments are set up with specific property, a trustee to oversee the account and named beneficiaries of the property. Trusts are similar to a will, but with the major benefit of probate not being required, thus allowing beneficiaries to receive their property quickly.
2. Deeds: The disposition of real estate that has a living person's name or a right of survivor-ship designation cannot be addressed through a will.
3. Transfer on Death: This designation on investment, bank or retirement accounts means that the property will literally transfer to the designated person upon the death of the owner and thus is not addressed in the will.

Burial Arrangements

While burial instructions can be, and often are, included in the will, it is not advisable. Many times, the will is not located or read until after the burial takes place. Your executor should be made aware of the location of the document containing your burial arrangement wishes, instead.

Bequests with Conditions

Wills that contain conditional bequests are admissible, within reason. One common example is a bequest of money to a child, with the condition that the money only be used for educational purposes. You should be aware, however, that placing certain conditions on bequests in some state are illegal, and could cause the will be held up in probate and possibly be ruled invalid. Be aware, as well, of the burden that you may be placing on your loved ones with conditional bequests.

Your Pet

The law does not allow for pets to own property, so you cannot use your will to provide for your pet by leaving them property. You can, however, make a provision that addresses your desires for the disposition of your pet. Designate a person who you are certain both wants your pet and is able to provide for it when you are no longer able to do so.

Wills are undoubtedly a useful tool for making your wishes known but should be just one part of your total estate plan. For more information, contact James M Snow or a similar legal professional.