A will is one of the most important and basic estate planning documents for many people. It makes a lot of sense to create a will if you own any property or are concerned with making sure you have named a party for any minor children to be cared for after you pass away.
Myths and Misconceptions About Wills
However, some misconceptions and myths can impact the effectiveness of your will. Not all property can be disposed of through a will.
There are many different kinds of property that cannot be appropriately disposed of through a will, and therefore, additional estate planning measures and consideration is required. The property that cannot be disposed of through a will includes:
- Property assigned to living trusts.
- Property held in joint tenancy with someone else.
- Life insurance policies that have their own beneficiaries associated with the plan.
- Funds inside payable on death bank accounts.
- Pension plans with designated beneficiaries.
- Financial assets held in accounts that already have beneficiaries assigned.
Contact a Massachusetts Will Attorney
If you’re curious about the process of planning for your estate and making things easier for your loved ones with estate planning, consult with a qualified and experienced will lawyer.
A knowledgeable lawyer can help you with the process of appropriately planning for your estate and ensuring that you have used a will and other estate planning strategies appropriately.
If you have questions about how to use the will properly and to get the most benefits out of it, working with an MA estate planning lawyer is recommended.
