Creating a lasting will and testament is an extremely wise decision because it outlines exactly how you want your property to be divided after your death. However, while you may think that everything you own should be included in this document, this isn’t always the case. Some of the things you shouldn’t put in your last will and testament include:
- Joint tenancy property. By law, any joint tenancy property is awarded to the joint owners automatically if one owner passes away. No matter what your will says, this property will still go to the surviving owners.
- Any property you have in a living trust. In order to avoid probate, setting up a living trust is a wise decision. If you want to include property in your will and testament already accounted for in your living trust, you must complete the process using trust documents.
- Money from a pension, 401k, IRA, or retirement plan proceeds. Including this money in your will is unnecessary because forms for retirement plans include a line for you to indicate who your desired beneficiary is.
If you aren’t sure what you can and can’t include in your last will and testament, speak with an attorney that specializes in estate services, like us at Leonard and Moore, PLLC in Asheville, NC. We will help you create a will that covers all of your assets and protects your best interests in the case of your death.