Although there are numerous benefits to using a will in your estate planning, it is equally important to be aware of some of the things that a will cannot do for you in the estate planning process. Here are some of the things that you cannot accomplish with a traditional will:
- You cannot transfer property held in beneficiary form. This includes bonds and stocks.
- Any property that is held in joint tenancy with another individual or community
- property with a right of survivorship cannot be left in a will.
- You cannot give anyone property from a will that has already been transferred into a living trust.
- You cannot give somebody life insurance policy proceeds when you have named a different beneficiary on the life insurance policy itself.
- You cannot give individual retirement account funds, 401(k) funds or pension plan funds if you have already named a beneficiary separate on those official forms with the company.
- You cannot give money from a will that is already inside a payable on death bank account. Furthermore, wills cannot be used traditionally to avoid probate, minimize estate taxes and leave funeral instructions or put certain conditions on gifts.
Setting up a meeting with a dedicated Pasadena estate planning attorney today can give you a better overview of what to expect in this process.