Drafting a will can be overwhelming, and so it’s easy to overlook some important details that could ensure your assets and wishes are handled exactly as you want. To help you avoid leaving anything out, this article shares 18 of the most commonly forgotten items and requests in wills.
Alternate Beneficiaries
Many people only focus on one beneficiary, but it’s super important to have a backup if the primary beneficiary (for whatever reason) can’t inherit. If you don’t have an alternative written down, the state could potentially end up making decisions on your behalf.
Digital Assets
These days, everyone has online accounts and social media—things that are often overlooked when it comes to drafting a will. Digital assets may not seem important, but leaving behind access information like usernames and passwords makes it a whole lot easier for surviving families.
Pets
It’s essential to have a plan for the care of your pets in your will and to make this known to your beneficiaries. As shared by the RSPCA, not doing so can mean your pets may be left with someone who isn’t able to or doesn’t want to care for them. There are also legal options for setting up care funds for your pets.
Personal Letters
Wills don’t have to be all business, business, business. It’s a good idea to write and include personal letters to those you’re leaving behind, either saying your final goodbye, explaining the decisions in your will, or expressing your thoughts. This could mean a lot to your beneficiaries but is something people often forget.
Master Directory of Assets
A master directory can include account information, key contacts, and asset details—all things to make it easier on your loved ones when you pass. Doing this makes managing your estate far less complicated—just remember to update it regularly as things change!
Guardians for Minor Children
If you’ve got young children, the last thing you’ll want to do is leave them, but it’s important to be prepared nonetheless. People all too often make the mistake of assuming nothing can happen to them and don’t select a responsible guardian for their kids in their will, but it’s the best thing to do to ensure their future.
Funeral and Burial Wishes
“People choose to specify any wishes they may have for their funeral to avoid any worry for their family and friends at a difficult time,” as per the Bereavement Advice Centre. Doing so can also prevent family disputes and confusion. If you want to, you could include pre-paid funeral plans or burial plots.
Debts and Loans
It’s a good idea to mention in your will how debts and loans should be handled, especially if you want to avoid financial disputes among heirs. Specify whether debts should be forgiven or settled from the estate’s assets. This information can protect those you leave behind from financial burdens and stress.
Family Heirlooms
Have you got any old family heirlooms like jewelry or antiques lying around? While often forgotten, deciding who receives specific sentimental items and noting this in your will can prevent family conflicts. You could also explain your choices to reduce misunderstandings.
End-of-Life Care Preferences
Outlining your end-of-life care preferences in your will or an associated document is also a smart idea. This ensures your wishes regarding medical treatment and living arrangements are respected, and it also provides guidance for loved ones during difficult times. Let’s not forget how doing this can prevent family disputes over care decisions!
Trusts for Children or Dependents
As explained by MoneyHelper, “A trust is a legal arrangement where one or more people or a company (called the trustees) controls money or assets (called the trust property), which they must use for the benefit of one or more people (the beneficiaries).” Setting up trusts is the best thing to manage inheritances for minors or dependents.
Business Ownership Transfers
If you own a business, then it’s a good idea to plan for its succession or what will happen to your shares in the event that you pass. You should address potential tax implications and outline the steps for transferring ownership to prevent any operational disruptions.
Tax Planning
Another thing that people often forget to include in their wills is strategies to minimize estate and inheritance taxes. In this instance, it’s best to consult with tax professionals to maximize the value of your estate. This will have long-term benefits for your beneficiaries’ financial health!
Charitable Donations
This may not be at the top of your priorities list, but if you’d like any charitable gifts or donations to be made when you pass, the best way to ensure it’ll happen is by including it in your will. This won’t only bring you personal fulfillment knowing you’ll be helping a good cause but can also have potential tax benefits for your loved ones.
Intellectual Property
Investopedia defines intellectual property as “the set of intangible assets owned and legally protected by a company or individual from outside use or implementation without consent.” If you hold intellectual property rights, be sure to include specific instructions for their management and transfer in your will.
Insurance Policies
You should also clearly list all insurance policies and their beneficiaries in your will, as many people forget to do so. Listing the policies and their beneficiaries ensures that everyone is aware of and understands the policies, preventing any oversights.
Co-Owned Properties
Just because you co-own a property doesn’t mean your share goes to the other owner(s) when you pass. It’s important to decide on the succession of any jointly owned assets, so outline your wishes to avoid any legal complexities after your death.
Safe Deposit Box Details
A safe deposit box is of no use if nobody can access it in the event of your passing. You should include its location, contents, and access instructions in your will to make sure that your valuables and important documents are securely transferred according to your wishes.
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