Writing a will is essential if you want to ensure that your wishes are respected after you pass away. Unfortunately, many people overlook important elements that can significantly impact how their estate is handled. This article covers key items to include in your will that you might not have thought of yet.
Full Legal Name and Identification
You want to make sure that your will is compliant with all laws, and a great first step is to include your full legal name as well as any other names you might use. You should also include details about your identity, including your Social Security number, date of birth, and residential address.
Taking Care of Minor Children
Designating a caregiver will ensure that your children are looked after in the event of your death. You should carefully consider who will be able to provide them with a nurturing and stable home. Willful says, “A guardian is the person who manages the assets of a minor child, while a custodian is the person who assumes physical custody.”
Specific Bequests
If you want to gift certain individuals or organizations a specific item or amount of money, you should take the time to itemize this in your will documents. To ensure that these bequests aren’t disputed between your loved ones, try to include the reasons behind each of the gifts in the will.
Digital Assets
People often forget about their digital assets, but they can have financial or sentimental value for your loved ones. Think about including a list of assets such as social media accounts, digital currencies, and cloud storage, and make sure you’ve added instructions on how to get into the accounts.
Pets
Pets cannot be beneficiaries in your will, but you can ensure they are looked after in the event of your death. Designate someone to look after them, and leave the new caregiver money specifically for the care of your beloved pets.
Funeral Plans and Final Wishes
It’s a good idea to do this in a separate letter outside of your will, but when you’re making your estate plans, it’s a good idea to write down any wishes you have for your funeral. This can be helpful for friends and family who will be grieving.
Outstanding Debts and Liabilities
According to Farewill, “The executor or administrator can take money from the estate to pay off any debts. They may also need to sell any property in the estate before debts can be paid off in full.” It’s best to try and list all the debts or liabilities that will need to be paid for.
Valuable Items
Along with any money you have in your estate, you should also give your executor clear instructions on what you would like to happen to items such as jewelry, artwork, and furniture. By stating whom you would like each item to go to, you can help avoid disputes between your loved ones.
Intellectual Property Rights
If you own any copyrights, patents, or trademarks, you should also include instructions on how you would like these to be distributed and managed by your beneficiaries. Make sure you include information on the value or benefit these assets hold and include specific instructions on how to transfer ownership.
Properties
Include specific instructions for each property that you own, taking into account the state and country’s laws. If you own any of these properties jointly, you’ll need to speak to a professional to ensure you include them correctly in your will.
Health Care Instructions
According to the National Institute on Aging, “Advance directives are legal documents that provide instructions for medical care and only go into effect if you cannot communicate your own wishes.” This could include your wishes on whether doctors resuscitate you or give you other life-saving treatments.
Tax Considerations
Estates can have hefty taxes associated with them, so you’ll want to speak with a professional to help minimize the amount your beneficiaries will have to pay once you die. There are many strategies you can use, but it’s important to ensure they adhere to state and federal laws.
Business Ownership
It’s important to include your business in your will, along with instructions on whether it should be sold or transferred to your beneficiaries. You should consider this very carefully, taking into account the wishes of your family members and the amount of work they’ll need to do if you transfer your business to them.
Information About Prior Wills
To prevent any confusion or disputes, you’ll need to clearly state the fact that you are revoking previous versions of your will. Taking the time to document this process within the will will help to ensure it is clear to executors and fully legal.
Provision for Spouse
To include your spouse as a beneficiary, you’ll need to ensure that any provisions you have left them comply with state laws. You should also state their needs and rights to the estate, taking into account any prenuptial agreements or other legal obligations.
Personal Belongings
Collections, diaries, and photographs are all very sentimental to your loved ones, so you should make sure to include them in your will. If you decide to bequeath different items to different people, make sure you create a list of everything to make sure there are no disputes.
Charitable Donations
If you support a certain charity or feel that they have provided you with a lot of help during your life, it can be rewarding to leave them a gift in your will. AARP recommends that “you specifically identify each nonprofit so it is clear which organization should receive the gift.”
Witnessed Signatures
Make sure you seek professional advice to ensure that your will is legally created and signed. You’ll need someone to witness your signature, and there are laws on who this witness can be. Without this, you could risk your will being invalid.
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