In crafting your will, you probably sat down to make a comprehensive list of all of your assets and liabilities. This is so that you can create a specific bequest to your loved ones so that they receive the items you promised to them or that you intend for them to have.
But a common estate planning pitfall is to overlook the importance of also including a residuary clause which covers all of the other elements in your will. Any residue or leftover assets in your estate outside of specific bequests are covered by a residuary clause and the vast majority of most people’s estates transfer to their loved ones via this residuary clause.
This helps to ensure that any assets not immediately known or addressed in your estate will pass according to your wishes. If you only include specific gifts, you run the risk that you could accidentally leave out a valuable asset. Complications can also arise if you have not thought about equitable distributions to your loved ones.
Perhaps you haven’t updated a beneficiary designation form on a retirement account or a life insurance policy, meaning that that beneficiary that you intended to receive it would not necessarily have access to those items when you pass away. This can cause family conflicts and expensive probate estate disputes. For more information on crafting a comprehensive estate plan, schedule a consultation with a knowledgeable lawyer today. A Massachusetts estate planning lawyer can assist you with this process.
