There comes a point in everyone’s life where it’s time for them to go because they’ve reached the end of their journey. If you’ve accumulated significant wealth during your time on earth and you wish to distribute it to your loved ones accordingly, then you must leave a will behind.
Learning how to write a will on your own is often challenging because since it’s a legal document, there are limitations to what you can and can’t include. Once you’ve created a will, your loved ones don’t have to fight over who gets what because you’ve clearly indicated it in your own terms.
Usually, a will is an official legal document that includes your properties, assets, healthcare, and other valuable assets. Failing to make one before you pass away could be troublesome for the people you leave behind. Besides knowing what to write down, you should remember the things you’re not supposed to put in your will too. Keep reading below to find out some of the things you should avoid writing in your will.
Your Insurance Proceeds
Similar to a trust, once you pass away, the remaining proceeds of your life insurance are immediately handed over to your beneficiary. In most cases, your spouse or children who are still considered minors will receive them.
Meanwhile, if you have proceeds from your retirement pension, before you sign the agreement, you’re supposed to fill out a form that includes a section about who you want your beneficiary to be. As a result, you don’t have to indicate it in your will anymore to avoid confusion.
Your Stocks and Bonds Beneficiary
Your stocks and bonds that remain active even after you go are other valuable assets that you don’t have to indicate in your will and testament. Since you already decided who your beneficiary was from the start, you don’t have to repeat it in a different legal paper.
However, if you want to modify your chosen beneficiary while you’re still alive, all you have to do is reach out to your brokerage agent and tell them about the changes. The sooner you notify them about your wishes, the faster they can process it before something unfortunate happens to you.
Your Payable-on-Death Bank Account Proceeds
Those who have a payable-on-death bank account require you to select a sole beneficiary from the start. It’s part of the requirements before signing the deal and receiving approval of your bank account.
Like your other accounts where you can change the name of your beneficiary, you can still pass your particular bank account to another person if you prefer to make modifications. However, that doesn’t mean you should include it in your will. All you need to do is contact your bank to fill out a new form.
Your Funeral Instructions
Most of the time, people can only go through their departed loved ones’ wills and trusts that have been left behind only after the funeral is over. Out of respect and love for those who have passed away, making funeral arrangements is the first thing to do before anything else.
Rather than put your funeral wishes as part of your will, you should talk to your family directly about how you want your funeral to go. You could write down your instructions in a separate document and hand it over to the person executing your estate.
When managing your will and estate planning, it’s best to work with a legal professional who will assure you that everything you desire will go according to plan. However, part of writing down everything the way you want it to go is remembering what you should include, such as your insurance proceeds and stocks and bonds beneficiary. Your particular bank account proceeds and funeral instructions shouldn’t make it to your will as well and should be dealt with separately.
Are you looking to hire a will and estate lawyer in Ottawa, ON? Ontario Wills offers quality legal advice with the help of our esteemed lawyers. Get in touch with us today to talk to our legal experts!