Creating a last will and testament is one of the wisest decisions you’ll make in your life. Because upon your death, your loved ones would know exactly what you want to do with your assets and properties. However, there are specific things a will can’t do for you.
Avoid estate taxes
Wills are subject to estate taxes, and rather than attempting to circumvent the system to avoid these taxes, consider alternatives to fewer taxes, such as trusts, advises a prominent probate attorney in Colorado.
Take care of specific property types
Some property types are governed by property laws, and these laws would be specific to each property type. These include properties in living trusts, joint tenancy properties, retirement savings proceeds, life insurance proceeds with beneficiaries, bank accounts with “payable on death” proceeds, and bonds and stocks held in beneficiary.
Carry out your funeral wishes
It’s common for probate proceedings and estate settlements to happen after funerals, so rather than putting your funeral instructions in your will, inform your loved ones about them in advance.
You could likewise consider drafting a separate document containing your funeral wishes. Leave this with your executor so that they would know what to do in the event of your death.
Avoid probate court
Most wills would have to go to probate. But, having a will would help make the probate process faster since everyone will know what you wanted to do with your assets and properties.
Determining what you should put in your will might be confusing and challenging. You need to ensure that you put the right things that would be enforceable upon your passing.
When making a will, it’s best that you consult an experienced estate planning lawyer in your area to make certain that you include things that would be best for your specific situation.