Some people, once they begin the process of making out their will, want to throw EVERYTHING they can think of into the document. STOP! Not a good idea. Some things are appropriate to include, and several are not.
First, remember that a will goes through a process called probate. That means that anything included in that will is essentially public knowledge. So, right off the bat, I’m sure you can think of a few things you’d prefer the whole world wasn’t privy to. So, first, here is a short list of what SHOULD be in your will and a slightly longer list of what should not.
WHAT IS APPROPRIATE TO INCLUDE IN YOUR WILL IN CINCINNATI?
1. Your named beneficiaries. Those who will inherit your property and money.
2. A list of your assets that you specifically bequest to someone, such as, your house, cars, antiques, boats, etc.
3. The name of your appointed executor, the individual responsible for filing the will with the court and ensuring your wishes are carried out correctly.
4. The name of an appointed guardian for your children or pets.
Before moving on to the next list, it is strongly recommended to make sure your executor and guardians are on board with your appointments.
Make sure they are comfortable and are both willing and able to carry out their responsibilities. This is NOT the time for people to be surprised by these appointments after you die.
WHAT IS NOT APPROPRIATE TO INCLUDE IN YOUR WILL IN CINCINNATI?
First, a broad statement before I begin the list. Some of the following can be included in your will if you choose. HOWEVER, know that by doing so, you may cause confusion, delay the distribution of your assets, allow private information to become public, and generally make a mess of things for your heirs.
1. Organ donations. This should be obvious, but to some, it may not be. Organ donations need to be timely, really timely. By the time the will is opened and read, it will likely be too late.
2. Your desired funeral arrangements. As with organ donations, your funeral might be underway or over by the time the will is read. Best to put these instructions (and the organ donations) in a separate document your loved ones already know of and can take immediate action.
3. Your reasons. Television shows might mislead us, explaining in your will why you chose to leave the boat to your daughter and the car to your nephew. But refrain from providing that kind of information in the will. The court doesn’t want or need to know WHY, and by doing so, this information is no longer private.
Often clients will have letters sent to their beneficiaries explaining the reasoning behind the bequests.
4. Some beneficiaries should NOT be named in your will, including 1) a special needs heir and 2) your pet. This is because you can jeopardize benefits a special needs heir may be receiving from the government. Talk to your estate planning attorney about how to handle this one. And even though your beloved pet is a part of the family, they can’t legally own property. Yes, I know your dog or cat may have a toy they consider theirs, but technically they don’t own it. In this case, you need to appoint a guardian for your pet and make whatever financial arrangements for them you choose outside of the will.
5. Jointly owned property generally becomes the property of the surviving co-owner. Therefore, don’t create confusion by including it in your will.
5. Assets. A list of your assets not specifically bequeathed to an individual.
6. Businesses. While you can include business interests in your will, it is advisable to refrain from doing so. Talk to an experienced estate planning attorney like myself about what to do with your business interests.
I could go on, but those hit the main categories. Please call me if you’re thinking of creating or updating your will here in Cincinnati. I’ll ensure that it includes what it should so your family will have clear direction from you when the time comes. You can reach me at 513-399-7526 or visit my website at www.davidlefton.com