A will is a great estate planning document, but it does have some limitations. There are specific items a will cannot handle.
Typically, your will gives personal information and provides for assets not otherwise handled through other legal means. So, there are some assets or items you may not be able to dictate through the will because they have to follow the rules of the other legal entity under which they fall.
Beneficiary accounts are a no-go
If you have accounts with named beneficiaries, you will not put them in your will. You cannot change the beneficiary or dictate any details about these accounts as the account has its own rules. If you wish to change anything about it, you must do so through the original source.
Loans are unchangeable
If you have a loan, you cannot pass it to someone else in your will. A loan is a contract between you and the lender. If one of your heirs wants to take over the loan, they will have to go through the lender and secure their own loan.
Title transfers are not possible
You also cannot transfer a title in your will. While you can leave the property to an heir, if you fully own it, the heir must change the title after your death.
It is important to note a will is not a way to override other laws. If you try to include something you should not, it will not stand up in probate. Your heirs may have problems securing the property or asset if you do not plan ahead properly.
