Deciding What To Include and Exclude From Your Will

When you are creating your Will, you want to be sure you don’t forget anything. You may think you need to include every tiny detail in your Will. After all, your Will is supposed to distribute your estate, care for your loved ones, name those to take under the Will, and carry out all your most important wishes after your passing. Why wouldn’t you include everything that you can possibly think of?

It turns out that simply throwing a Will together by naming every dollar and trinket you own may not be the best idea. Including items that don’t need to be included could greatly confuse the legal process that your estate executor needs to carry out after you have passed away.

Here are some details you may decide not to include in your Will

• Private information: The probate process admits your Will into a court of law, meaning that people will be able to access and read your Will—and any personal information you may have put in it. Don’t include items like bank account numbers, PINs, passwords, access codes and other sensitive details.
• Instructions for your funeral/burial: Wills often don’t get opened and read until after the funeral has been arranged. Your best approach may be to provide for that in advance if possible.

Identity theft is always a concern, even after your passing. Some identity thieves impersonate deceased people to receive benefits like Social Security in the dead person’s name, or to use the deceased person’s money for their own purposes. The less personal information that you include in your Will (such as passwords, account numbers, etc.), the less a potential identity thief has to work with if they gain access to your Will. You should seek the assistance of a lawyer well-versed in estate planning processes as you determine what to include and exclude from your Will.

Safe sharing options for you to consider

Your Will is one of the most important documents that you will ever create. That means you want to store it safely and only share information with people who need to know. An option is to keep your Will in your safe deposit box at your bank. Make sure your bank has a list of people who you want to be allowed access to your Will inside your safe deposit box. Also ensure that your executor has access to the box. If you keep your Will at home, it’s best to store it in a fireproof box or bag in case of natural disaster. Be sure it is in a secure place in case of break-ins. And keep it in a place that you will easily remember to look for it if you need to review or update it. Some states allow you to file your Will with the probate court.

Assets that pass outside an estate

Certain assets pass outside your estate and therefore outside your Will. Here are some examples:

• Assets that are held jointly with right of survivorship
• Life insurance with beneficiary designations
• An asset that it set up to transfer on death
• Retirement benefits with beneficiary designations

You should discuss these issues with your attorney.

How LegalShield can assist with estate planning

Creating your Will and other legal documents can be a lengthy, complex process. Knowing what you should and should not include in your Will is important, but sometimes you simply don’t know where to start. That’s why LegalShield is here to assist. For a small monthly fee, you gain access to a LegalShield provider law firm to help review paperwork, prepare a Will, write letters and make phone calls, and provide consultation for your most pressing legal questions. You can use the LegalShield mobile app to fill out a Will questionnaire.

Take the next step

• Check out our LegalShield plans and find the right fit for you.
• Get your questions answered in our Make-A-Will webinar.
• Read more about the estate planning process.