Many people take the time to sit down and draft a will. There are several benefits of having a will, but people often choose to draft one because it gives them the peace of mind that their loved ones are taken care of once they are gone. Should you wish to start planning your will, now or in the future, it is important to know the laws regarding this legal document and some of its limitations.
When drafting a will, people must be mindful of the following limitations:
- Disinheriting a spouse absent a prenup.
- Disinheriting any and all dependent children.
- Willing property to someone other than the surviving tenant when joint tenancy exists.
- Willing insurance policies, bank accounts and more to someone other than the beneficiary.
By knowing these limitations, you can avoid a lot of problems when drafting your will. It is nice to be able to make your final wishes known to your family before you die, but just because your will states one thing, this won't always stop the family from challenging it. Sometimes, when a spouse or other family member doesn't agree with your will, they will challenge it. This doesn't mean that they will get what they want, but it should be known that there is a possibility of this happening.
Estate planning is not an easy process. People may feel odd about making plans and decisions for when they die, but it is very beneficial in a number of ways. If you would like to learn more about estate planning and wills, a knowledgeable attorney may be able to answer you question and assist you in drafting your will.