A will is for outlining what you want others to do with your property after you die. Before you write a will, however, you must know what makes the document valid in Tennessee. There are certain stipulations that you can’t make in a will.
Joint property
Joint property automatically goes to the other owner after your death. Attempting to pass on the asset to someone else in your will won’t hold up.
Property in trusts
Estate planning law automatically transfers property in trusts to their beneficiaries. You can’t override this by changing your mind in your will. The only way to make this modification is to follow the trust’s rules for withdrawing property from it. You can only modify revocable trusts. Property that you deposit into an irrevocable trust is untouchable.
Payable-on-death bank accounts
Just as with the previous types of property, payable-on-death bank accounts are set up to transfer to the beneficiary after your death. You can’t change the beneficiary in your will. Modifying or revoking the account requires filling out the necessary form with the financial institution.
Life insurance
You don’t need to worry about putting your life insurance policy in your will. It relays to your beneficiaries based on the terms of the policy after your death.
Pet terms
Many people make the mistake of choosing a new owner for their pets in their wills. There isn’t any legal obligation for the new owner to use money that you give them through your will on your pet. You could set up a pet trust to legally enforce how they spend the money. It’s possible to assign both a trustee and a new owner. The trustee manages and oversees the use of the funds while the owner cares for the pet.
Your estate plan will most likely consist of a will and other financial documents that supplement it. Certain types of property are better to transfer to beneficiaries through special types of accounts like trusts and life insurance.
