Don’t Leave These Out: 23 Crucial Things to Include in Your Will
When people make a will, they often think about big things like houses and money. But small details can also make a big difference for those left behind.
A 2023 survey by LawDepot found that 73% of people do not have a written plan for their estate. The main reason people give for making an estate plan is to make it easier for loved ones to handle their assets after they pass away.
This shows how important it is to plan your estate well. If you don’t plan carefully, it can cause confusion, arguments, and extra stress for loved ones at a tough time.
This article shares 23 key elements that people often overlook when making their wills. Understanding why these details are important can help ensure you leave behind a thoughtful, complete legacy for your loved ones.
Let us know in the comments if you have any suggestions, things to add to the list, or if you experienced a loved one overlooking one of these in their will.
Personal Letters
A handwritten letter can be a special gift for those you care about. Including personal messages in your will allows you to leave final words filled with love, advice, and encouragement. These letters can offer comfort and keep your presence alive even after you’re gone. It’s a simple yet meaningful way to make your legacy personal.
You might want to write separate letters for different people. Share specific advice, recall treasured moments, or express your dreams for their future. These messages help maintain a deep connection and bring peace long after you’ve passed away.
Family Heirlooms
Items like grandpa’s watch or your wedding china may not appeal to everyone. But they hold great sentimental value for the family. Clearly state in your will who gets these treasured items. This prevents misunderstandings and keeps them in loving hands.
Provide a brief story about each item’s significance. This will allow loved ones to appreciate the cherished possessions and ensure these heirlooms receive the reverence they deserve.
Caring for Your Pets
Around 66% of us have pets that we consider family members. In your will, state who will take care of your pets. This ensures they get the same love and care you gave them. You wouldn’t want them to miss out on beloved treats and belly rubs.
Also clarify any financial setup or instructions for their care. Maybe set aside money to cover expenses or outline their dietary needs. These details give peace of mind that your beloved pets will be properly cared for.
Funeral Plans
Planning a funeral can be very hard for family and friends, both emotionally and financially. Writing down your wishes for things like music and flowers in your will can make things easier. This can also help save money, as funerals often cost around $8,300. By doing this, you ensure that your family honors your wishes.
If you prefer an eco-friendly burial or a special celebration, make sure to include these details. Giving clear instructions helps your family focus on grieving without the extra stress of planning.
Naming a Guardian
For those with young kids, appointing a guardian in your will is critical. This ensures your children get care from someone you trust and approve of. Discuss this role with the chosen person beforehand to avoid surprises.
Outline expectations for your children’s upbringing – education, values, cultural traditions. This guidance provides a roadmap for the guardian aligned with your vision for your kids’ well-being.
Charitable Donations
If you care deeply about a cause, leave a donation in your will. This extends your support and kindness beyond your lifetime. You could even set up an ongoing fund to provide lasting assistance.
Discuss your philanthropic goals with the chosen charity. Let them understand your vision and craft a plan that aligns with their mission. This maximizes the impact of your contribution.
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Collections & Hobbies
Your hobbies, like vinyl records or stamp collections, are important. Decide who gets them or if they should be sold or given away. Take care of your special projects.
Tell the story behind your collections so the people who get them know how much time and love you put into them. This helps keep your memory alive with these things you care about.
Digital Accounts
Address your online presence, social media, shopping accounts etc. Include instructions for handling these so loved ones can close, memorialize or transfer them properly. This preserves your digital legacy while protecting privacy.
Designate a tech-savvy person to oversee this process. Provide login credentials and guidance. Their familiarity with digital realms streamlines managing your online footprint.
This was an issue for us when my mom was put on hospice. We had a young son and wanted accesses to all the pics she took with him, and us, but we could not access her phone.
Business Instructions
Business owners must outline plans for their company’s future. Specify who takes over and provide detailed instructions to continue operations smoothly. This reduces loved ones’ stress while securing your business legacy.
Consult key employees, partners and advisors to ensure a seamless transition plan. Their insights help craft a comprehensive strategy to minimize disruptions in the company you built.
Debts & Loans
Be transparent about any outstanding personal or business debts/loans in your will. This clarity helps loved ones fairly settle affairs without stress. Nearly 73% of Americans pass on debt, so clear communication is vital.
Provide details on each debt’s type and amount, along with any documentation for creditors. This empowers your family to responsibly address obligations.
When my wife and I got married, I owned rental houses and many different accounts. One of the first things I did was make a list of everything, in case something happened to me.
Educational Support
Think about creating a fund to help pay for your children’s or grandchildren’s education. It’s a great way to support their goals and dreams by helping with tuition costs.
Talk to financial experts and organizations to plan this support properly. Make sure your contribution provides the most benefits and becomes a lasting gift for learning.
Passwords & Access
Passwords protect many aspects of life, finances, personal files, etc. Designate a trusted person in your will to access these password-protected items. This prevents losing important data or memories.
Consider a password manager or document with all logins for this designated rep. Centralized access simplifies the transition of your digital assets.
Storage Units
With almost 40% of Americans using self-storage facilities, don’t forget to include information about your stored items. Specify the location and contents in your will to ensure nothing valuable or sentimental is overlooked.
Provide clear instructions, should items be donated, sold or claimed by certain beneficiaries. This prevents confusion over properly accounting for stored possessions.
Artistic Creations
If you make art, write, or create other things, don’t forget about them. Choose who will get these special pieces that mean a lot to you and could be loved by your family for years to come.
Add notes or stories about why you made each piece. This helps the people who get them understand what inspired you, and it makes your art more special and lasting.
Vacation Homes And Rental Properties
If you own vacation properties or timeshares, specify in your will who takes them over to avoid complications. This ensures these beloved getaways keep getting enjoyed.
Outline any wishes or guidelines for their use, like rotation schedules among beneficiaries. This proactive approach prevents misunderstandings over harmoniously sharing the properties.
For us, my dad owns rental houses. If he does not have a plan in place, it is going to be a headache for my siblings and I to track down all his properties, tenant names, tenant contact info, and more.
Financial Investments
Beyond cash and property, include details on investments like stocks, bonds, retirement accounts. This transparency makes managing and distributing these assets easier per your wishes.
Consult financial advisors to navigate complexities of investment portfolios compliantly. Their expertise simplifies the process while maximizing investment value for loved ones.
Safety Deposit Boxes
Make a note of where your safety deposit boxes are and what is inside them. This easy step helps your family find and take care of important items or papers stored inside.
Give clear instructions on who is allowed to access the boxes and what forms of ID are needed. This will help avoid any delays or issues.
Memberships & Clubs
For club or organization memberships, include handling instructions. This allows passing on the associated benefits and privileges to someone who will appreciate them.
Specify membership details, contact info, renewal dates, fees/dues. This transparency ensures a smooth transition in preserving connections you’ve cultivated.
Medical History
Including your full medical history provides invaluable insights for descendants about hereditary conditions and health risks. This empowers informed decisions about their well-being.
Beyond diagnosed illnesses, note lifestyle factors impacting health like diet or environmental exposures. A comprehensive record equips loved ones with your family’s medical background.
Loyalty Programs
Don’t forget accumulated loyalty and reward points from various programs. While of smaller monetary value, collectively these can provide travel, merchandise or other benefits for beneficiaries.
Specify whether points should transfer to someone or get redeemed for particular purposes. This ensures your hard-earned rewards don’t get squandered.
Intellectual Property
If you have created things like patents or copyrights, include instructions on how to take care of them. Say who gets the rights and how they should use them correctly.
Talk to lawyers to make sure your documents follow the law and help protect and possibly earn money from your creations.
Cryptocurrency
The rise of cryptocurrency necessitates addressing any digital asset holdings in your will. Provide wallet details, private keys and information to ensure proper access and management by loved ones.
Designate a tech-savvy person to oversee transferring or managing digital assets. Consider instructions for converting them into traditional currencies or investment vehicles.
Personal Belongings
Don’t forget special everyday things like a favorite fishing rod or a cozy reading chair. Make sure to say in your will who should get these items. They might seem small, but they are very important to you.
Tell stories about these things. This helps the people who get them understand why they are special and remember the good times connected to them. It ensures that these loved items are truly valued.
Final Touches
In the end, a will is more than just a legal paper. It’s a last message of love to the people you leave behind. By thinking carefully about these 23 important things, you’re doing something very special.
You’re making sure that the small things that made you who you are won’t be forgotten. This includes your unusual collections, special family items, and beloved pets. Each of these things is a part of your life story.
Don’t forget the small things. They tell the biggest story about you. What better way to be remembered than through the happy times, wisdom, and love you’ve gathered over your life?
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