Many people overlook key items when preparing a will, significantly impacting how their legacy is handled. Ensuring all loose ends are tied up and avoiding confusion among heirs gives peace of mind. Here, we explore often-forgotten items that are essential for a comprehensive will.
Funeral Wishes
Detailing your preferred funeral arrangements can ease the burden on family members during a difficult time. This includes choices about burial or cremation and even specifics like the music or readings at your service. Documenting these wishes ensures they are carried out.
Dependents
For those caring for dependents with special needs, detailed care instructions and financial arrangements must be included. This helps ensure continuity of care and that their needs are met without interruption. It also clarifies the responsibilities for the caretaker.
Businesses
If you own part or all of a business, detail how your interest should be handled. Whether it’s to be sold, dissolved, or passed on to a specific person, these instructions will protect your professional legacy.
Investment Accounts
While major assets are typically included, specific details about investment accounts can be overlooked. Include information about stock portfolios, retirement accounts, and other investments.
Heirlooms
Family heirlooms with more sentimental than financial value can cause unexpected conflicts among relatives. Clearly stating who receives each item can prevent family disputes. This is often as significant as the distribution of financial assets.
Charity
If you intend to leave money to charity, specify which organizations and how much. This not only fulfills your philanthropic desires but also can provide tax benefits to your estate. Detailing these donations in your will guarantees your charitable goals are met.
Memberships
Club memberships, especially those with equity like country clubs or golf clubs, can be valuable. Designate who inherits these memberships to ensure they continue to provide value. These rights can sometimes be sold or transferred, providing benefit to your heirs.
Grandchildren
If you expect your family to grow after your will is written, consider including future grandchildren. This prevents the need for constant updates every time a new family member is born. It ensures that no one is unintentionally excluded.
Collectibles
While major assets like homes and cars are commonly included, small collectibles often go unmentioned. Items like stamps, coins, or art pieces can have significant emotional and financial value. Specifying who inherits these collectibles can prevent family disputes.
Digital Assets
Be sure to include usernames and passwords for social media, online banking, and any digital currency assets. Ensuring heirs have access to these assets prevents the loss of valuable or sentimental digital content.
Personal Letters
Adding personal letters or sentiments to specific inheritors can provide closure and clarify your intentions. This emotional touch helps loved ones feel connected to you and understand your decisions better.
Pets
Pets are often overlooked in wills, yet they need care after their owner’s demise. Designating a caregiver and setting aside funds for the pet’s care ensures they continue to live well. It’s a crucial step for any pet owner preparing a will.
Safe Deposit Box Access
The contents of a safe deposit box are useless if no one can open it. Including the location and access information in your will ensures heirs can retrieve valuable documents or items. Always update this information if you change boxes or banks.
Intellectual Property
Copyrights, trademarks, or creative works can generate revenue long after your passing. Specifying the beneficiaries of these assets is crucial for artists, authors, and inventors. Properly transferring these rights can provide ongoing income to your heirs.
Money Owed to You
Money owed to you can be collectible after your death. Include details about any personal loans you’ve made, including who owes you money and how much. This ensures these debts are settled or forgiven according to your wishes.
Timeshares
Timeshares are tricky legal assets to manage after death. Specify in your will what should happen with any timeshares you own, whether they be sold or transferred to someone else.
Airline Miles
Frequent flyer miles and other loyalty program benefits often go unmentioned but can be quite valuable. Check program rules, as some allow transfer upon death, and include them in your will.
Projects
For artists and creators, ongoing projects need direction for completion or management. Include instructions for unfinished books, artworks, or other projects to preserve your creative legacy.
Educational Funds
If you’ve set aside funds specifically for the education of family members or others, clearly state this in your will to ensure that the money is used for its intended purpose. Detailing the conditions of these funds can help future generations achieve their educational goals.
Jewelry
Specific pieces of jewelry can have immense sentimental value and potential for dispute. Detail who should inherit particular items to avoid conflicts. It’s not just the value but the sentiment that often matters most.
Personal Stories
Leaving behind personal stories or family histories can be as valuable as any material asset. These documents can provide comfort and connection for future generations. Detail where to find these writings or how they should be preserved.
Social Media
Don’t forget—your social media profiles are aspects of your legacy. Deciding whether to memorialize, close, or manage these profiles through instructions in your will can help manage your digital afterlife.
Handwritten Notes
Including handwritten notes or letters to loved ones can provide a personal touch to your legacy. These can be cherished by your loved ones for years and provide emotional support beyond your passing.
Inheritance
If you are expected to receive an inheritance from someone else, mention this potential asset. Provide instructions for handling this inheritance, especially if it arrives after your death. This foresight can prevent legal complications and ensure fair distribution according to your wishes.
