10 Items That Shouldn’t Be in Your Will for Your Kids
Funeral Instructions Funeral instructions should be communicated separately from your will. Wills are often not read until after the funeral
Specific Personal Belongings Detailed instructions for distributing personal belongings can be cumbersome in a will. Instead, consider creating a personal property memorandum
Conditions on Inheritance Placing conditions on inheritance, such as requiring children to achieve certain milestones (e.g., graduating college) before receiving assets
Assets Held Jointly Assets held in joint tenancy with right of survivorship automatically pass to the co-owner upon your death and do not need to be included in your will.
Life Insurance Proceeds Life insurance proceeds go directly to the named beneficiaries and do not need to be included in your will. Ensure your beneficiary designations are up-to-date.
Retirement Accounts Similar to life insurance, retirement accounts like 401(k)s and IRAs have designated beneficiaries.
Digital Assets Specific instructions for digital assets (like social media accounts, emails, and online banking) should be handled through a digital estate plan.
Gifts to Pets Pets cannot legally inherit property. Instead, consider setting up a pet trust or making arrangements for their care with a designated caregiver and funding for their expenses.
Illegal or Unethical Requests Any instructions or bequests that involve illegal or unethical activities should not be included in your will.
Specifics About Certain Investments Investments like stocks, bonds, or other financial instruments should be managed by a financial advisor or through a trust.