When you start your estate plan, you will likely begin by creating a will. This document lets you dictate how to distribute your personal assets after you die.
According to the CDC Foundation, your will is also the document where you list your estate’s executor and your children’s guardian. Although your will should include many pieces of important information, there are certain things you should leave out of this document.
Funeral arrangement information
If you want to list specific arrangements for your funeral, let a close friend or family member know about these wishes. Often, the probate and court settlement processes take several weeks and usually conclude after the funeral takes place.
You can list business interests in your will. But since the probate process takes time, this can lead to interrupted transitions with your business after you die. Typically, you should put specific succession plans in place for your business separate from your will.
Property with beneficiaries
Some types of property already have listed beneficiaries on them. For example, if you have a retirement or life insurance account, you may already have beneficiaries listed on these accounts that you named while creating them. This also applies to any jointly owned property you own with another person.
As you create your will, keep in mind that the property you include in this document will need to undergo the probate process. If you want to avoid the probate process, you may want to consider forming a trust instead, depending on your individual situation and the goals for your estate.