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What to Include in a Will
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Get StartedWhat to Include in a Will
Creating a will might seem overwhelming at first. But think of it as writing a letter to your future family. You're basically telling them what you want to happen with your stuff and who should take care of things when you're gone. Let me walk you through the essential parts you need to include.
Personal Information and Declaration
Start with the basics. Your full legal name, address, and a clear statement that this is your last will and testament. You also need to say that you're of sound mind and making these decisions freely. This might sound formal, but it's important for legal reasons.
For example: "I, John Michael Smith, residing at 123 Main Street, Anytown, State, being of sound mind and memory, do hereby make, publish, and declare this to be my Last Will and Testament." This declaration establishes that you understand the significance of what you're doing and that no one is forcing you to make these decisions.
Revocation of Previous Wills
If you've made wills before, you need to cancel them out. Just add a simple sentence saying this new will revokes all previous wills. This prevents confusion later and makes sure only your most recent wishes count. Without this statement, courts might struggle to determine which will reflects your true intentions, potentially causing lengthy delays and family disputes.
Asset Distribution
This is the big one. List your major assets and who gets what. Be as specific as possible to avoid family fights later. Understanding the difference between a will and a trust can help you decide which assets to include in your will versus other estate planning tools.
Include these types of assets:
- Real Estate: Your house, vacation home, rental properties. Say exactly who gets each property.
- Financial Accounts: Bank accounts, investment accounts, retirement funds (though some have their own beneficiary forms).
- Personal Property: Cars, jewelry, family heirlooms, collections. If Grandma's ring is special, say who gets it specifically.
- Business Interests: If you own part of a business, decide what happens to your share.
Quick example: "I leave my primary residence at 123 Main Street to my daughter Sarah. I leave my 2020 Honda Accord and my grandmother's wedding ring to my son Michael." The more detailed you are, the less room there is for interpretation or disagreement among your heirs.
Beneficiaries and Contingent Beneficiaries
Name who gets your stuff, but also name backup people. Life happens, and your first choice might not be around when the time comes. Always have a Plan B.
For instance: "I leave $50,000 to my sister Jane. If she predeceases me, this amount goes to her children equally." Consider what happens if entire family lines aren't available. You might want to name a charity or close friend as a final contingent beneficiary to ensure your assets don't end up in state hands.
Executor Appointment
Pick someone you trust to handle your affairs after you're gone. This person, known as an executor, will pay your bills, file paperwork, and distribute your assets according to your wishes. Choose someone organized and responsible. Also pick a backup executor in case your first choice can't do it.
Your executor will handle tasks like closing bank accounts, selling property if needed, and making sure everyone gets what you intended them to have. They'll also need to file your final tax return and handle any outstanding debts. Consider choosing someone who lives nearby and has some financial knowledge, as the role can be complex and time-consuming.
Guardianship for Minor Children
If you have kids under 18, this is crucial. Name who you want to raise them if something happens to you. Also name alternates. Think about who shares your values and has the ability to care for children.
Example: "I appoint my brother Robert as guardian of my minor children. If he cannot serve, I appoint my sister-in-law Maria."
Consider the potential guardian's age, health, financial situation, and relationship with your children. Have honest conversations with them first to make sure they're willing. You might also want to leave detailed instructions about your children's routines, preferences, and important information that will help their new guardian provide continuity during a difficult transition.
Debt and Tax Instructions
Tell your executor how to handle your debts and taxes. Usually, these get paid from your estate before anyone receives their inheritance. Be clear about this so there's no confusion. You can specify which assets should be sold first to cover debts, or whether certain beneficiaries should receive their gifts free and clear while others help cover estate expenses.
Funeral and Burial Wishes
Include your preferences for funeral arrangements, burial, or cremation. While not legally binding in all states, it gives your family guidance during a difficult time. Keep it simple but clear.
You might write: "I wish to be cremated, and I would like a small memorial service at my local church." Consider including a budget for these arrangements and where the funds should come from. Some people also include specific music requests, readings, or people they'd like to speak at their service.
Digital Assets
Don't forget about your online life. Include instructions for social media accounts, email, digital photos, cryptocurrency, and online business accounts. List important passwords separately or tell your executor where to find them.
Modern wills should address things like Facebook profiles, Google accounts, and digital photo collections stored in the cloud. Some accounts have specific procedures for handling deceased users' information, while others require legal documentation. Your executor will need clear instructions and possibly special authorization to access these accounts. Consider what should be preserved versus what should be deleted.
Healthcare Directives and End-of-Life Wishes
While not technically part of your will, it's worth mentioning related documents like a living will for end-of-life medical decisions. These documents work alongside your will to ensure all your wishes are documented. You might also want to name a healthcare proxy to make medical decisions if you become incapacitated.
Trust Provisions
Sometimes you'll want to include trust language in your will, especially for minor children or beneficiaries who might not be ready to handle large sums immediately. For more complex estate planning needs, you might consider whether a living trust would help avoid probate for certain assets. Testator-created trusts within wills can provide ongoing management of assets for specific beneficiaries.
Special Circumstances
Every family is different. You might need to address special situations:
- Blended Families: Be extra clear about who gets what to avoid conflicts between biological children and stepchildren.
- Special Needs Dependents: Consider setting up special trusts to protect government benefits.
- Pet Care: Name someone to care for your pets and leave money for their care.
- Charitable Giving: If you want to leave money to charity, include specific organization names and amounts.
- International Assets: Property or accounts in other countries may require special consideration.
- Family Heirlooms: Consider rotation schedules or specific instructions for items with sentimental value to multiple family members.
Information Organization for Your Heirs
Beyond the will itself, consider organizing important information for your heirs in a separate document. This might include account numbers, important contacts, location of documents, and other practical information your executor will need. While not part of the will, this organization can make the administration process much smoother for everyone involved.
Witnesses and Notarization
Most states require witnesses when you sign your will. Usually two people who aren't beneficiaries need to watch you sign and then sign themselves. Some states require notarization too. Check your local laws or work with an attorney to make sure you follow the rules.
The witnesses are essentially confirming that you appeared to be of sound mind when signing and that you weren't being coerced. Choose witnesses who are likely to be available later if needed, and make sure they understand their role. Self-proving affidavits can eliminate the need to locate witnesses later during probate.
Things to Avoid
Don't include assets that already have beneficiary designations, like life insurance or 401(k) accounts. Those pass directly to the named beneficiaries regardless of what your will says. However, you should coordinate these designations with your overall estate plan to avoid conflicts.
Avoid making impossible or illegal requests. Keep your language clear and avoid being too controlling about how people use their inheritance. Don't include temporary assets that might not exist when you die, and avoid making gifts contingent on marriage, divorce, or religious choices that might not be legally enforceable.
Keeping Your Will Current
Life changes, and your will should too. Review it after major life events like marriage, divorce, births, deaths, or significant financial changes. Store the original in a safe place and tell your executor where to find it.
Set a reminder to review your will every few years even if nothing major has changed. Tax laws evolve, relationships shift, and your priorities might change. Keep notes about why you made certain decisions – this can help guide future updates and provide context for your executor.
Final Thoughts
Writing a will is one of the most caring things you can do for your family. It removes guesswork and potential conflicts during an already difficult time. While you can write a simple will yourself, consider working with an attorney for complex situations or valuable estates. The peace of mind is worth it.
Remember, having any will is better than having no will. Start with the basics and update as needed. Your future family will thank you for taking the time to plan ahead. A well-crafted will is your final gift to those you love most – the gift of clarity, organization, and peace of mind during their time of grief.
