13 Things You Should Never Put in Your Will

Jordan Rosenfeld  Wed, June 7, 2023

While nobody likes to think about their own end date, putting together a will and related legal documents makes it more likely that your loved ones will have the smoothest process handling your estate after death and that your wishes will be followed.

Writing a will is not as simple as just slapping together a list of desires, however; there are some things you should not put in your will. Estate planning experts explain which ones.

Joint Accounts

You don’t need to pass joint accounts or accounts with beneficiaries’ names already on them through your will because including them can lead to confusion and open the estate to potential litigation, according to Stuart Schoenfeld, a partner in the trusts and estates practice of Capell Barnett Matalon & Schoenfeld LLP in New York.

Schoenfeld said, “You don’t need to include assets like these that go directly to a beneficiary in your will because they pass automatically to the designee upon your death.”

Personal and Private Wishes

Wills should mostly be about transitioning assets from your estate to loved ones and beneficiaries, Schoenfeld explained.

“Wills are not the place to make a statement about family relations or to use as a platform to address personal issues from beyond the grave,” he said. “Why not use your will to settle old scores? Because your will is a public document, and people you don’t intend can see it.”

Business Interests for an Active Business

Don’t transfer business interests in your will, particularly a running business, Schoenfeld said, because it will be very difficult for that business to function while your estate is being settled.

He said, “Better to think in advance about an effective succession/estate plan to transition your business or your business interests.”

Life Insurance

Another thing to leave out of a will is your life insurance.

“If you are a high-net-worth individual with a taxable estate, it would not be wise to pass your life insurance policy through your will because you could forfeit up to half of it or a large percentage of it to estate taxes,” Schoenfeld said. “Pass on your life insurance policies through a life insurance trust.”

Secret or Secure Information

Wills go through a court procedure called probate, which involves a will being admitted into a court of law — a public process. That means people can access the court’s records, find the will and view the contents.

Asher Rubinstein — a trusts and estates, asset protection and tax law attorney with Gallet Dreyer & Berkey LLP in New York — said, “Therefore, wills should not include confidential information such as bank account numbers, access codes, PINs, passwords, keys to crypto, etc.”

Significant Assets Left to One’s Heirs

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https://finance.yahoo.com/news/13-things-never-put-175937710.html