Writing a will is no easy feat and takes a lot of forethought before even getting started with it, as even the smallest error or omission can have big consequences. We’ve made this list to help ensure that you include these 18 important things in your will.
Executor Appointment
This is crucial to your will according to Collins Law Firm. Make sure you pick someone reliable and organized who is willing to take on the responsibilities of an executor. You might want to speak with them beforehand to make sure they understand all that this role includes.
Guardianship
A key consideration for your will is the guardianship of anyone in your care. When you consider leaving someone’s care to them, you need to consider the person’s lifestyle, age, and values.
Funeral Wishes
The period after someone’s passing is emotionally raw, and details might be forgotten if not specified. In your will, make sure to outline any specific things that you want for your send-off.
Charitable Donations
If you are thinking of leaving money to charity in your will, make sure to ensure that the charity that you want aligns with your views and that it is clearly stated in your will alongside how much you want to leave to them. It is extremely important that you specify if you want it to be a one-off payment or a recurring one.
Digital Assets
Some people don’t consider their digital assets when it comes to composing their will, but it is something that shouldn’t be forgotten. Free Will advises making a list of your digital assets, such as social media, online banking, and subscriptions, to ensure that they are handled correctly when you are gone.
Specific Requests
When it comes to specific items or specific quantities of money, you must be super detailed when including them in your will. If you want to leave certain things to specific individuals, make sure that it is all explicitly stated in the document.
Residuary Estate
Once you have included the parts about specific gifts and expenses, you should handle what is left of your estate and what you wish to do with it. You can divide it equally amongst the beneficiaries or leave each person a certain percentage based on their needs.
Trusts
For more complex cases, such as trusts, it is best to consult with a legal expert first. Before this, though, you must take into account the terms that you want for the trust—whether that is payment schedules or certain conditions that need to be met before payment is made.
Pets
When you have pets, you need to think of who will take over their care after your passing, affirms New York Legacy Lawyers. Leave no details about this out of your will. Include who will take ownership of them, alongside any medical or dietary needs of your four-legged friend.
Debts and Taxes
Unfortunately, not everyone is able to pass having all of their finances in order. In the case that you have outstanding debts or loans, you should specify how you want them to be settled, whether that be from money you have set aside or by using specific assets.
Letter of Intent
Whilst a letter of intent is completely optional, it’s a nice detail to leave behind for your loved ones. A letter of intent is normally a letter to your loved ones expressing your thoughts and wishes; it could offer them comfort in the difficult time after your passing.
Healthcare Directives
It’s always a good idea to document your wishes when it comes to medical treatment and life support. This includes who you name as your medical proxy in the case of you not being able to make decisions and also if needed if you want to be resuscitated.
Prenuptial Agreements
When organizing your will and testament, it’s also advisable to review any prenuptial agreements you might have and how they align with what you’re leaving in your will. Check them for any potential conflicts.
Business Succession
Trust & Will says that as a business owner, a very important part of the will is that of business succession. Mention specifically what you wish to happen to your business in the case of your death: either if you want a certain person to have it or if you want to sell it and have the money divided amongst a few people.
Digital Executor
Mention in your will someone who you want to manage your digital life once you’ve passed. This person will be in charge of managing your digital assets, passwords, and online accounts. Provide them with instructions on how to manage your assets after your passing.
Memorabilia and Sentimental Items
Identify clearly any cherished belongings or special items that you want to pass on to specific people, making sure to include clear instructions on how these items should be handled to avoid them suffering any damage.
Guardianship for Adult Dependents
If you’re responsible for an adult with special needs, it’s super important that you make plans for their ongoing care once you’re gone. A recommended option here is to establish a special needs trust so that they can be financially secure in the long run.
Alternate Beneficiaries
There might be a large period of time between writing your will and your passing. Because of this, you should mention alternate beneficiaries in your will. These are who will inherit the assets or money in the case that the primary person who’s mentioned has already passed.
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