10 Last Will Provisions That Shouldn't Have Been In Your Will
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- Опубліковано 12 чер 2024
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In this video I’m going to discuss my updated list of ten provisions that should not be included in your Will. Ok, so there are a number of important provisions that should be included in your last will and testament, things like how your new will revokes prior wills, any specific assets you wish to leave to specific people, a residuary bequest which covers all the assets not specifically bequeathed in your will, your executor or personal representative who will be in charge of guiding your heirs through the estate settlement process when you die, perhaps testamentary trust provisions to the extent you wish to leave an inheritance to someone in a trust as opposed to outright or in a lump sum, guardians for minor kids if you have minor kids, and there are likely to be a number of other standard or customary provisions in your will.
But I’ve read lots of wills over the years and sometimes I have to shake my head when I read certain will provisions because the will was just not the right place to state what was stated in the will. Here’s ten things that I’ve seen many times in wills that perhaps should not have been there.
0:00 Exclude These From Your Will
1:14 Your LIfe Support Machines Decisions
2:14 Jointly Owned Property
3:11 Funeral Arrangements
3:51 Assets in LLC or Corporation
4:49 Assets in Your Revocable Living Trust
6:13 Scratch-Outs
7:32 IRAs, 401(k)s and Life Insurance
8:50 Organ Donation Wishes
9:21 Personal Items
10:42 Directing Your Heir to Leave an Asset To Someone Else
11:20 Your Estate Planning Design Zoom Meeting With Me
I think that death brings out the worst in people. It's shocking how sideways the division of an estate can go, even when you think everyone gets along. In short, be as specific as you can be or need to be. You will leave less confusing and hurt that way.
I definitely learn quite a bit from watching your videos. Thank you for sharing your vast experiences and expertise with us out here.
I appreciate that!
Twenty years ago, Judge Belkis who was judge of the Franklin County Ohio probate court, gave a CLE presentation where he went over some items not to include in a will. He read a couple of paragraphs from this woman’s will where she went down the list of her relatives and children about why they had not been included. It’s been awhile, so the only one I can remember where she called her one child a “sneakthief and liar.”
The entire talk would have been hilarious except for the fact that it was so tragic because of the ensuing litigation against the estate on charges of libel.
Great content Thanks Paul
Great video Paul!
Valuable Information!
Glad you explained such items that should not be in a will. Excellent suggestions.
Thanks for watching!
Very good info
Glad you think so!
Hi Paul, I'm interested in your services but I don't know if I can afford it. Are you able to give a general idea of cost?
I made my will and my only daughter is the heir in anything and all I own, my husband passed away many years ago so whatever I own now is my daughter unless she dies before me, everything I own will be inherited by my two grandchildren divided in equal parts, so that's the simple and best way to do it ! Specially when is only 1 daughter and 2 grandchildren, after my daughter gets my will residuals it is up to her to make a will of her own for her own children's benefits.
PAUL👋 QUESTION: If you never "adopted" or had your 2nd husband's children live with you... Do you still have to "affirmatively" disinherit them... I guess I am asking, is there a requirement to "disinherit" stepchildren if you had never adopted them ⁉
Okay, it has been some time without an answer, so YES. Maybe you live in a state where biological children and stepchildren have equal standing in inheritance. I suggest naming names, too, to be specific about who inherits, and avoid assets going down another family line should a beneficiary die before you can change your will. You may check to see if your state allows TOD and POD, and use those as much as possible so that no amount of lawyering up can get things away from your intended beneficiaries.
My husband and I want a simple will done with advance directive, financial and healthcare power of attorney. We know exactly how we want it written. Please advise what the average cost should be. I have called several attorneys and the range is all over the place. Some will not give a quote over the phone.
Just want your opinion. Don’t want to get ripped off! Thank you….enjoy your knowledgeable video.
I would love to have a lower as smart as you
In view of the assault on 2A and the erosion or elimination of g*n trusts, how can you pass your g*ns onto your sole heir, in this case say your daughter?