Planning your will is one of the most important things you can d as a responsible adult. This legal plan ensures that your property is handled the way you want it to be upon your death. While you may be tempted to list every last detail of what you own in your will, there really are some things that don't belong in your will. Real estate property, your vehicle, and even your furniture has a place. However, here is a short list of items that don't necessarily have a spot in your living will and some that really should not be included at all.
Anything That Could Be Deemed Illegal
Leaving anything that could be considered illegal in your will is not a good idea. If you have an attorney, they will guide you professionally if you have illegal items that you own and are concerned about what will happen to them. This may seem like a logical thing, but there are things that are illegal that many people do not give a lot of thought to, such as:
- Certain types of old firearms
- Anything that is actually stolen property
- Some types of imported goods
Illegal items could be seized upon your death instead if passed along to your loved ones. So even if you do list these items, there's no guarantee that they will ever get them.
Your Online and Digital Possessions
Digital possessions these days are a pretty big deal, but the law doesn't quite recognize digital possessions as tangible property just yet, at least in most states. Therefore, even if you have a huge iTunes library filled with purchased media or a massive collection of digital games you've collected, you may not be able to leave thee in your will.
Your Half of a Business Partnership
Perhaps you and a partner jointly built a small business and you would like one of your heirs to step into your role as the partial owner of this business if something happens to you. This may not be something you can actually leave to someone in your will because your joint ownership is something that was initially approved by the other owner, but the other owner may not approve of the new heir taking your place. In fact, legally in some states and according to some joint ownership governing laws, if something happens to you, it can mean the co-owner gets all of the business.
Contact a firm, like Barrett Twomey Broom Hughes & Hoke LLP, for more help.