Wills are a very important step in estate planning process; however, they are not a catch-all. There are things a will can do, and things a will can’t do.
What Is Covered with a Will
A will is a great way to start estate planning and, in many cases, meet the needs of the estate. A will covers transferring basic property items such as clothing and furniture to another. Heirs can be named in a will. Wills can include funeral instructions.
What Is Not Covered with a Will
Below is a list of some things that cannot be covered by a will. For a more detailed list, contact a wills lawyer.
-
Any property that has a co-owner cannot be handed down in a will.
-
Bank account funds payable at death
-
Any form of retirement (IRA, 401K)
-
Life insurance
-
Stocks
-
Bonds
-
Community properties are also not covered in a will
-
Set up long-term care for a beneficiary with special needs? Nope, not covered here either.
Wills Made Easy
Wills are actually pretty easy and cost-effective to set up. The easiest way to do so is by hiring a wills lawyer. Most courthouses and many online sites have the paperwork available to buy; it just needs to be filled out. Even though that may sound like a good and time-saving option at the time, it probably isn’t the wisest decision to make.
You need to check the laws of your state first. For example, a wills lawyer in Topeka, KS knows the laws of Kansas. Don’t take a chance and risk everything. Schedule an appointment with a lawyer today.
To learn all the things a will can and cannot cover, contact a good lawyer.
