What You Should Never Put In Your Will

Writing a Will is a crucial step in securing your family's future. It allows you to protect your loved ones and ensure your assets are distributed according to your wishes. While you may be clear on what you should include in your will, it's equally important to understand what you should never put in it.

In this insight, we will explore the key elements that should not be included in your will. By understanding these important considerations, you can ensure your will is legally sound and avoids potential complications down the line.

Key Takeaways

• While you should leave as much as you wish, not everything is best placed in a Will. Avoid including conditional gifts in your will, as they are not legally enforceable. Consider setting up a trust for specific conditions.
• Keep funeral arrangements separate from your will, as wills are typically read after the funeral, and it's better to communicate your wishes directly to loved ones.
• Jointly held assets, like joint bank accounts, have designated ownership and inheritance arrangements outside of your will.
• While you may want to provide for your pets, you cannot directly leave assets to animals; instead, designate a caregiver or make a donation to an animal charity.

What You Shouldn't Leave In Your Will

Before you write your Will, ensure you do not include the following:

1. Conditional Gifts
2. Funeral Arrangements
3. Jointly Held Assets
4. Gifts to Pets
5. Non-Specific Bequests
6. Gifts to Vulnerable Beneficiaries
7. Assets You Don't Own

Conditional Gifts: Avoiding Legal Complications

Conditional gifts are provisions in a will that attach certain conditions to the distribution of assets. For example, you may want to leave a gift to a family member on the condition that they don't marry a specific individual. However, it's important to note that conditional gifts are not legally enforceable. Once a gift is given, it becomes the recipient's property, and they have the freedom to use it as they wish. If you have specific conditions you want to impose, it's advisable to set up a trust with a designated trustee who can administer the funds based on your instructions.

Funeral Arrangements: Separating Wishes from the Will

While you may have specific wishes for your funeral arrangements, it's not recommended to include them in your will. This is because wills are often read after the funeral has taken place, making it difficult for your wishes to be known or followed. Instead, it's best to communicate your funeral preferences to your loved ones directly and leave a separate document outlining your wishes. This ensures that your funeral arrangements are carried out according to your desires and provides clarity for your family during an emotionally challenging time.

Jointly Held Assets: Understand Ownership and Inheritance

When it comes to assets held jointly, such as joint bank accounts or properties owned with another person, it's important to note that these assets do not belong solely to you. In the case of joint tenancy, the surviving joint owner automatically inherits the entire property upon your death. Similarly, jointly held bank accounts pass to the surviving account holder outside of the probate process. It's crucial to understand that these assets cannot be included in your will, as they already have designated ownership and inheritance arrangements.

Gifts to Pets: Ensuring Proper Care After Your Passing

While it may be heartwarming to think of leaving a substantial inheritance to your beloved pet, it's important to know that you cannot directly leave assets to animals. Pets are legally considered property, and as such, they are unable to inherit wealth or assets. Instead, consider making arrangements for your pet's well-being by designating a trusted individual as their caregiver and providing financial support for their care. Alternatively, you can leave a donation to an animal charity to ensure the welfare of animals in need.

Non-Specific Bequests: Clarity is Key

When including specific items in your will, it's crucial to be as precise as possible. Vague descriptions or general terms can lead to confusion and potential disputes among beneficiaries. For example, if you want to leave your car to a specific person, clearly state the make, model, and any relevant identification details to avoid any ambiguity. Additionally, when it comes to monetary gifts, consider using percentages rather than fixed amounts. This allows for more flexibility in distributing your estate, especially if the value of your assets changes over time.

Gifts to Vulnerable Beneficiaries: Protecting Their Interests

When you have beneficiaries who may be vulnerable, such as individuals with special needs or disabilities, it's important to approach their inheritances with care. Leaving a lump sum of money directly to a vulnerable beneficiary can potentially impact their eligibility for certain benefits and support systems. To safeguard their interests, consider setting up a Disabled Person's Trust. This type of trust allows you to allocate funds for their benefit while ensuring that the assets do not affect their eligibility for essential assistance programs. Consulting with an estate planning professional can help you navigate the complexities of this process.

Assets You Don't Own: Clarifying Ownership

It's essential to ensure that the assets you include in your will are ones that you actually own outright. For example, if you have a car that is still under a finance agreement, you do not have full ownership of the vehicle. The same applies to leased assets or items purchased through hire purchase agreements. These items are legally owned by the finance provider or leasing company and cannot be bequeathed in your will. To avoid any confusion, carefully review the ownership status of your assets and only include those that are legally yours.

Updating Your Will

Writing a will is not a one-time task. Life is constantly changing, and it's important to regularly review and update your will to reflect any significant changes in your circumstances. This includes life events such as marriage, divorce, the birth of children, or the acquisition of new assets. By keeping your will up to date, you can ensure that your wishes are accurately represented and that your loved ones are provided for in the best possible way.

Seeking Professional Advice

Creating a will can be a complex process, and it's crucial to seek professional advice to ensure its legal validity and effectiveness. Estate planning professionals have the knowledge and expertise to guide you through the intricacies of will writing, helping you avoid potential pitfalls and ensuring that your will meets all legal requirements. They can also provide valuable insights into estate planning strategies that can optimise the distribution of your assets and minimise potential tax liabilities.

Importance of Will Writing

Writing a will is a significant responsibility that allows you to protect your loved ones and ensure your assets are distributed according to your wishes. By taking the time to understand what should never be included in your will, you can avoid potential complications and ensure a smooth and fair distribution of your estate. Remember, a well-crafted will is an essential part of your overall estate planning strategy and provides peace of mind knowing that your family will be taken care of when you're no longer here.

Conclusion

Creating a will is an important undertaking that requires careful consideration and attention to detail. Understanding what should never be included in your will is vital to ensure its legal validity and effectiveness. By avoiding conditional gifts, separating funeral arrangements, being clear and specific in your bequests, and seeking professional advice, you can protect your loved ones and ensure that your assets are distributed according to your wishes. Remember, regularly updating your will is crucial to reflect any changes in your circumstances and ensure that your final wishes are accurately represented. Seek the guidance of estate planning professionals to navigate the complexities of will writing and ensure a secure future for your family.