Drafting a will as part of your estate plan is something that most people know they should do. It helps your heirs get the things you want them to have after your death.
However, there are some things that a will does not do. Understanding what does not serve a purpose in a will helps you create a comprehensive estate plan that encompasses all the needs unique to you.
Your funeral plans
You may believe that the will should hold your wishes for your funeral. While creating a plan and putting aside money for the funeral is helpful, it does not work if it is in your will. The simple reason behind this is that your will does not get read until after your funeral. Thus, having a separate document that sets out how you want this to go will serve your family much better.
Your arrangements for pets
Pets are members of the family, and many want to take care of them as such after passing. A will cannot leave money or instructions for what happens to pets. Instead, you should add a document to your estate planning items that will protect and provide for your pets accordingly.
Your life insurance proceeds
When you open certain accounts, life life insurance and retirement accounts, the institutions which administer them usually want you to select a beneficiary. This designates the person or persons you want to inherit these accounts when you die. Your will should not include a reallocation of this money. It will prove ineffective, and the beneficiaries named when you opened the accounts will inherit.
A will is a powerful estate planning tool. Creating something significant for your family’s protection is paramount.