Keep it Out of your Will

31 Jul 2023 · 1 min

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In this concise estate‑planning advisory, the speaker outlines three categories of items that should not be placed in a will. First, a business should be excluded because it would have to pass through probate, causing delays, exposing the business to court scheduling and potential will challenges; instead a business succession agreement prepared by a lawyer is recommended. Second, personal funeral wishes and arrangements belong in a separate letter to close relatives rather than a will, since wills are typically consulted weeks after death and may not be readily available. Third, directly gifting assets to a child with special needs in a will can jeopardize that child’s eligibility for government benefits; the appropriate vehicle is a special‑needs trust that preserves benefits while providing support. The overall message is to use targeted legal tools rather than a will for these matters.

Chapters

if you must have a will, do not put these things in it. Thing number 1, your business. Why do you not want to put your business in your will? Because it has to go through probate and probate takes a lot of time. You don't want your business subject to the court's calendar. Also, probate is just a perfect opportunity for somebody to come in and challenge the will. You don't want your will subject to that. You don't want your business subject to that either. And you need to go see a lawyer and have a business succession agreement drawn up. Do not put your business in your will. Thing 2, your wishes and desires for your funeral and other arrangements. Typically, a will is not consulted until, you know, weeks after the death. So you don't want to put those kind of things in your will. You want to write a letter to your closest relatives and have that on hand for them. Thing 3, if you have a child with special needs, you do not want to give them anything in your will. If you do that, it might knock them off of any government benefits they might be on at the time. You need to create a special needs trust.