Property, items, and assets you can't include in a will
You can’t add in any and all property that’s owned equally by two parties (joint tenancy), such as a house that you own with your spouse. That property will automatically transfer to the surviving owner.
Any trusts, retirement plans, or insurance policies that clearly state a beneficiary are also out of the question. Keep in mind, while you’re still alive you can always change a beneficiary.
In addition, forget about stocks or bonds that are set to transfer to another party upon death (again, property that already has a named beneficiary).
What about digital property?
Currently, the law doesn’t fully view digital assets as property. In fact, the law forbids most online media companies, including social media, email, photo and image sharing platforms, from disclosing content or granting account access to a third party without the consent of the owner. While digital legislation has progressed in the past few years, it’s still a tricky situation.
Think twice before including login and password information in your will. 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. This is a good time to consider 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.
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