What Your Will Cannot Accomplish in Ohio
Although the will is a cornerstone of your estate planning, as an Ohio resident it is important to understand that it may not be able to accomplish all of the goals that you have for your estate and future plans.
In the majority of cases there are certain kinds of property that you cannot use a will to leave behind. Disallowed property includes anything that has been transferred into a living trust, life insurance policy proceeds on policies where you've named a beneficiary, properties that you hold in joint tenancy with another individual, money saved in a payable-on-death bank account, money inside a pension plan for which you have already named a beneficiary, and property held in any kind of beneficiary form. This could be bonds, stocks, and other items. Your will is also not the appropriate place to leave funeral instructions. Sometimes a will is not found or read until weeks after someone has passed away.
It's too late to assist your family members who need to make the immediate decisions about how to help you once you have passed away. This is why you may want to consider a separate document explaining your wishes as they relate to a funeral and burial and give information to your executor about where to identify this document, should something happen to you.
You also should not attempt to accomplish more complex estate planning goals, such as caring for a beneficiary with special needs without consulting with a Canton, Ohio estate planning attorney who can develop strategies and tactics to help you accomplish this. Do not hesitate to reach out to a knowledgeable Ohio estate planning attorney today to learn more about how he or she can help you.