18 Overlooked Items That Should Be in Everyone’s Will
Your will should encompass more than just financial assets. It’s crucial to consider often-overlooked items like digital assets, sentimental items, funeral wishes, and pet guardians. Including the items considered insignificant can be the only solution to potential family conflicts when we are gone. Here’s what to include for a thorough and meaningful will.
Digital Assets
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Your digital assets deserve a spot in your will. These include social media accounts, emails, and cryptocurrencies. They hold sentimental and monetary value but are often overlooked. To ensure they are handled correctly, include access details and instructions in your will, protecting your digital legacy for the future.
Sentimental Items
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Treasured keepsakes need inclusion in your will. Your items, such as heirlooms, jewelry, and letters, carry emotional significance. However, nobody remembers to assign them a slot in the will. It is vital to specify who receives them to ensure they’re cherished and preserved in the same way you would.
Funeral Wishes
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Making sure that your funeral preferences are clearly stated in your will saves your loved ones stress. You have choices about ceremonies, music, and burial details that matter to you. Declaring them by including them in your will ease family burdens. Don’t overlook them; include specific instructions for a meaningful farewell.
Pet Guardian
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Your furry friend will need a guardian when you are no longer there for them. You are already aware of a trusted person who will love them like you do. Include the person in your will to care for them. Provide care instructions and funds for their future.
Healthcare Power of Attorney
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We often get to a point where we’re unable to make sound and informed decisions about our health. Appoint a healthcare power of attorney in your will. This person will make medical decisions when you can’t. It’s vital but often overlooked. Specify your choices to ensure your health preferences are respected.
Charitable Donations
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The beneficiaries of your donations may miss out on the life-saving help you intended to give. In your will, ensure that the charitable donations are considered. These contributions reflect your values and the causes you care about. We often forget this, but specifying amounts and organizations ensures your legacy benefits others.
Guardians for Minor Children
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Our minors are often forgotten when wills are created. It is essential to ensure they are cared for by appointing guardians in your will. This crucial, often missed, step makes the biggest difference after you’re gone. Identify trusted individuals to raise your kids, ensuring stability and love if the unexpected happens.
Nominating an Executor
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Your will may be the source of family conflict when you have no executor in there. In the family, a trusted person with integrity should be assigned the role. This responsible person manages your will and makes sure your wishes are fulfilled. It guarantees that everything is properly managed.
Tax Considerations
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Include tax considerations in the document containing your wishes. Planning for estate taxes prevents financial surprises for your heirs. While it’s common to leave this out, addressing these aspects of your legacy ensures a smoother transition. Your estate’s value will be protected, and your loved ones will be sorted.
Special Needs Trust
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Set up a special needs trust for dependents with disabilities. This is an important step towards ensuring that their care is not a burden to others. This often-forgotten process is a major step in providing long-term financial support. You safeguard their well-being after you move to the next world.
Business Succession Plan
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The business lives on and is part of your legacy. Thus, your will should detail your business succession plan. Be very specific about who takes over your business to ensure continuity. This is one of the most important steps for preserving your hard work and securing the future of your enterprise.
Digital Photos and Videos
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No one sees the significance of these sentimental digital memories. You should understand their role in preserving memories and include them in your will. These memories are invaluable but easily overlooked. Specify who receives access and how to handle it. With this, you can be sure that your cherished moments are preserved.
Backup Decision Maker
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Your preferred decision-maker may be absent or incapacitated when the right time comes. Appoint a backup decision-maker in your will. They will step in if your primary choice is unavailable. It’s often ignored, but having a reliable alternate ensures your affairs are handled smoothly and your wishes are respected.
Debt Repayment
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Even when you are no more, your debtors still need to be settled. Your will should include debt repayment. Give specifics on how outstanding debts should be settled to avoid burdening your heirs. We often forget this, but clear communication will ensure debts are managed efficiently.
The Location of Important Documents
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There are documents that will stall everything if they are not found. As you write the will, ensure that their locations are clear. This will help your executor find the necessary paperwork quickly. We often forget this because we believe the will is adequate. Giving directions simplifies estate management.
Online Accounts and Passwords
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These accounts are often custodians of your digital legacy. They should be managed efficiently when you are not around. Your will must give directions on this. These include emails, social media, and subscriptions. We often overlook this, even though providing the details will ensure our digital lives are managed and closed properly.
Intellectual Property
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This is one of the most neglected things in people’s wills. It’s critical to have someone assigned the role of managing intellectual property in your absence. Patents, copyrights, and trademarks hold value but are often disregarded. Specify the inheritor to ensure they’re preserved and managed, securing your creative legacy.
Updating Your Will
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Changes occur along the way, and your will should be reflective of the same. Regularly update your will. We often write the will, secure it, and forget about it. However, revisiting your will as time goes on ensures it accurately represents your intentions and provides for your loved ones appropriately.