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.

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