A last will and testament can be an effective component of many estate plans provided it is used properly and fits into your overall estate plan. When properly prepared, your will can ensure that your property and assets pass as you intend to those designated in your will. Depending on your overall estate plan, your will may provide a coordinated tool that functions with other parts of your estate plan, such as a pour-over will that ensures that any assets that you fail to address in your trust or other components of your estate plan are covered by your will.
Despite the convenience and effectiveness that a will can provide, there are certain types of provisions that are not enforceable in a will. Legal advice from an experienced New Mexico estate planning attorney can help you avoid these types of mistakes, which can have a dramatic impact on your estate plan. Some of the types of arrangements or provision that are not allowed include:
Overriding Accounts with Beneficiaries:
If you have a life insurance policy or bank account with a specific party designated as the beneficiary of the account, this asset cannot be left to another person in your will. If your plan has changed in term of who should receive this asset, you need to change the designated beneficiary with the insurance company or financial institution.
Leaving Property to Fido:
Many people now include provisions for their pets within their estate plan. While this is an acceptable practice, animals cannot own property. If you wish to make financial provisions for your pets, you need to speak to a New Mexico Estate Planning Lawyer about setting up a trust for the care of your furry friends.
Conditional Gifts:
Depending on the specific law of your state, you may not be permitted to condition the inheritance of assets on graduating college, converting religions and similar provisions. If you are interested in the legality of structuring a gift based on fulfilling certain tasks, you should obtain legal guidance to determine whether such provisions are enforceable.
Property Held in Joint Tenancy:
Many people hold bank accounts or real estate in joint tenancy with a right of survivorship. This form of ownership merely means that if one of the owners dies the decedent’s interest passes to the surviving joint tenant. This right of survivorship is a defining characteristic of this type of ownership so you cannot override this right and leave your interest to someone else in your will.
The above information is designed solely to illustrate general principles of law, and does not constitute a specific legal opinion on individual cases. We suggest that you contact experienced legal counsel for a specific opinion tailored to your individual circumstances
Many of these issues may be addressed by setting up a trust or making other adjustments to your estate planning documents, insurance policies, bank accounts or title ownership documents. If you have questions about these issues or would like your estate plan reviewed to ensure it accomplishes your goals, we invite you to talk to one of our experienced New Mexico Estate Planning Attorneys at Jay Goodman & Associates. Call us today to schedule your free consultation at (505) 989-8117 to learn about your options.
Comments are closed