It can be depressing or even anxiety-inducing to think about what will happen after you pass away. However, it’s important to have plans in place, and sometimes people can forget crucial things. These are 19 commonly forgotten or overlooked things that you need to consider in your will.
Retirement Savings
Investopedia advises that “your retirement accounts may end up in probate after you die depending on how you handle them when you’re alive.” It’s a good idea to check on the details around your specific types of accounts and, if required, specify who will inherit them in your will.
Executor Of Your Will
It may sound obvious, but with everything else that you have to remember to put in your will, sometimes you can overlook the important choice of who will be your executor. You should provide them with clear instructions so that they know their responsibilities, and make sure you choose someone who you trust.
Guardianship For Children
Nobody wants to think about passing away and leaving young children behind, but it’s better to have safeguards in place in case that happens. If you’re writing your will while your children are still minors, then you should designate a willing and responsible guardian to care for them.
Online Accounts And Social Media
An interesting thing to consider when writing your will is whether you want people to take over ownership of your online presence and social media accounts. This could include emails and even digital currency wallets. If this matters to you, make sure you specify how these digital assets should be managed.
Your Pets
Those of us with furry – or not-so-furry – friends may not consider them in our wills. Forbes reports your “pet will automatically go to whoever in your will inherits everything that isn’t specifically mentioned.” If you want your pet to be cared for by a specific person, then make sure you mention it.
Personal Possessions
When you’re writing your will, you’ll likely have a lifetime of possessions that you may want to leave to specific people. It’s important to specify whom you want to receive specific items. This could be anything from jewelry to artwork and collectibles or even sentimental keepsakes like photo albums and journals.
Donations To Charity
Don’t just assume that your family members will remember and carry out any charitable donations that you want to make from your estate. You’ll need to specify the organizations you want to support and the amount or percentage that you want to donate.
Instructions For Your Funeral
Pre-paying for your funeral plans is a great way to reduce the financial burden on your remaining family, but remember to specify this in your will. If not, you should include your preferences for the type of funeral service you want and details like if you wish to be buried or cremated.
Debts And Taxes
There are some taxes you don’t have to include in your will (relating to inheritance), although they’re still good to consider. However, if you owe back taxes, they need to be paid from your estate. Equally, it’s important to list out your debts, either business or personal, so that they can be addressed.
Business Interests
For people who own businesses or business interests, you’ll need to name a successor to manage those when you pass. If you want the business to be sold, you should write instructions for managing the sale and what you want to happen to the proceeds.
Family Heirlooms
Few things can cause more arguments than family heirlooms that haven’t been specifically named in wills. To avoid disruption and competition after you pass on, you should detail which family heirlooms in your possession you want to give to which family members.
Real Estate
You should decide whether you want family members to inherit properties that you own or if they should be sold. Something you might not think about is rental properties – do you want these to be managed by a specific person? If so, you need to put that down in your will.
Setting Up Trusts For Minors
According to Business Insider, “minors can’t inherit assets,” and “lots of average people use a trust to protect their children financially if they die.” Trusts are not just for the ultra-rich; they can ensure your children receive inheritances once they’re adults, and you can leave instructions regarding what the money is used for.
Personal Wishes And Messages
Although you should keep personal messages outside of the will itself (since they can complicate legal matters), including a personal letter with your will is a good idea. You can share heartfelt sentiments for your family’s future and final words to your loved ones.
Healthcare Instructions For A Living Will
There is a chance that you will become unable to make decisions for yourself towards the end of your life. You can name a healthcare proxy in your will who will be able to make decisions on your behalf, sorting out your medical treatment and other end-of-life requirements.
Financial Power Of Attorney
As well as needing someone to make healthcare decisions for you, a financial power of attorney is important to manage your final financial affairs. You should choose someone suitable for the role and specify exactly what responsibilities they have, such as paying bills and managing investments.
Educational Funds For Children Or Grandchildren
One type of trust or fund that you might want to include in your will is an educational fund for your children or grandchildren. This is money that will be used according to your instructions to fund your children’s or grandchildren’s education, so you have control over your inheritance.
Back-Up Plans
By writing a will, you’re being proactive at a time when USA Today says “fewer older Americans are writing wills.” But things could still go wrong. Alternate plans are an excellent idea, especially when discussing important things like guardianship for your children.
Full Inventory Of Assets
In addition to telling people who will get what, you need to make sure they know how to access what has been left to them. It is important to have a full, detailed inventory of all the assets you own and how to access them. You should also remember to update this regularly.
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