You may not have known this, but there are some items you can’t include in your will. Here’s a quick overview of what this includes.
Any and all property that’s owned equally by two parties is called joint tenancy. An example of this could be the house you own with your spouse. When one of you dies, that property will automatically transfer to the surviving owner.
Do you solely own a home? Check out this article on how to smoothly transfer your house to your kids.
Named Beneficiaries on Plans, Policies, and Trusts
Any trusts, retirement plans, or insurance policies that clearly state a beneficiary. Keep in mind, while you’re still alive you can always change a beneficiary.
Recently married or had kids? You may want to update your beneficiaries.
Stocks or bonds that are set to transfer to another party upon death (again, property that already has a named beneficiary). If you’re feeling kind of shaky on how this works, take a look at this article about what you should know about wills (but never bothered to ask).
The law currently doesn’t fully view digital assets as property. Most online media companies (including social media, email and communication, photo and image sharing, etc.) are legally forbidden from disclosing content or granting account access to a third party without the consent of the owner. While digital legislation has come a long way in the past few years, it’s still a tricky situation.
Think twice before including login and password information in your will. Mainly because a will is a public document, and sharing login and passwords info isn’t secure. Instead, create a separate digital estate plan to help guide your family in the right direction.
What would you like done with your digital accounts and assets after you’re gone?
This article is provided by Everplans — a life and legacy planning company dedicated to transforming the way people get their families organized. For more information, visit: everplans.com
Neither Transamerica nor its agents or representatives may provide tax, investment or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors and financial professional regarding their particular situation and the concepts presented herein.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.