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Don't include these items in your will

Your estate plan is something that you need to think carefully about. There are many different things that you need to include in your will; however, there are some things that shouldn't be included here. Knowing the difference can help you greatly as you create the estate plan.

One thing that you might want to plan for, but that shouldn't be placed in your estate plan, is your funeral plan. This is because the funeral plan is needed as soon as you pass away. Your will won't be read immediately, so your funeral plans won't be found if you place them in the will.

Another thing that can't be put in the will is anything that you have in a living trust. The will and trusts are different matters, so you shouldn't have anything listed in both places.

Payable on death accounts, which will likely include bank accounts and similar financial accounts, don't have a place in the will. These are all handled according to the POD designation, so if you need to change who gets an account when you die, you must change the designation with the financial institution.

Certain other assets that have pre-designated beneficiaries can't be included in the will. Life insurance policies and retirement accounts are two examples of these types of assets.

Any asset that is held in joint tenancy because that property will automatically go to the person who has the joint tenancy with you. The joint tenancy terms trump anything in the will, so it would be pointless to include this asset in the will.

These are only a sampling of the assets that you shouldn't include in the will. If you have concerns about specific assets you hold, address those concerns before you take any action.

Source: FindLaw, "What Not To Include When Making a Will," accessed Oct. 06, 2017

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