What Limitations Does a Last Will & Testament Have?
Many people are surprised by everything they can do with a last will and testament.
A skilled lawyer can help you create a will that:
- Designates beneficiaries for personal and real property
- Donates some of the property to charity
- Names a guardian for minor children
- Includes a testamentary trust
A last will and testament is one component of an estate plan, but there are some limitations. For instance, you cannot use a will to distribute joint-tenancy property. Instead, the other person listed on the property will receive it upon your death. You also can’t distribute life insurance proceeds and other property with a beneficiary in your will. Again, the property will go to the rightful owner upon death.
While some people leave their funeral instructions in their will, that’s not a good idea. Your loved ones might not access your will for weeks after you pass away. Instead, you should create a separate document with your funeral instructions.
These are just some of the limitations of a will. This is why you will want to speak to a knowledgeable lawyer about creating this and other documents for your estate plan. Our firm can assist you with all of your estate planning needs so that you can enjoy your golden years without stress.
Adding Testamentary Trusts to a Will
Your wills lawyer can discuss adding a testamentary trust to the document if you’d like. Generally, trusts go into effect when created, but a testamentary is different. Instead, it allows you to control how property is distributed after you pass away.
Most often, testamentary trusts are used to leave property to minor children. Parents set these trusts up to hold onto the property until the kids reach 18 years of age. Then, the kids receive the assets. While this is the most common use, it’s just one of your options.
If you currently have a testamentary trust that you’d like to change, you need to revoke your current will and create a new one. Then, you must make sure the trust is properly set up and funded. Consult with our firm today to learn more about this estate planning option.
Naming an Executor
You will need to name an executor in your last will and testament. This person will administer your estate and distribute the property after you pass away. Additionally, your Long Island wills lawyer might suggest that you add a second executor as a backup. That person can then probate the will if the first person is not available. You have the freedom to choose who you want, as long as the person is 18 years of age, of sound mind, and has no felony convictions. It’s also wise to choose someone who lives nearby, so they will be on hand when the time comes.
Storing Your Will
The executor of your estate needs the original copy of your will to initiate probate proceedings. Thus, you need to store your last will and testament in a safe place. Some people choose a safe deposit box at the bank due to the security. However, it will take your loved ones time to access it after you pass away. You can also store it with your wills lawyer for safekeeping. Talk to your attorney about your options so you can keep your will in a safe and secure place until your loved ones need to access it. After choosing a storage location, let your family know so they can access it after you pass away.
Learn more about your options by calling our team at (631) 519-9831 or filling out our online contact form today.
