Will-making can be an overwhelming process. Considering all that needs to be included in the WIll can seem to be a lot of work and time. And you can’t even rush it as it’s a crucial decision and you need to include all the details. All this is very relatable when you create a Will for the first time.
Working with experts can help you narrow down your decision in a more organized manner and helps you relax. Nevertheless, it is up to you and whom you want to leave your assets to after your demise. Are you not aware of which assets to include in your Will?
Read through this blog to learn about six asset types you should include in your Will for distribution among the beneficiaries.
This is obvious and the most important asset to include in your Will. This allows your loved ones to know where you’ve left them the money for any outstanding debts. Such assets can include medical expenses, funeral expenses, end-of-life care, or probate costs if any.
Sure, these expenses can be taken care of through the money in your Will as well. However, it makes things a little easier for your loved ones. Therefore, ensure to specifically mention the funds and where you’ve located the funds for certain stuff.
If you own a home or other real estate, ensure to mention the ownership rights of the property after you. This is essentially important when you share your primary residence with your spouse, children, or other inhabitants. You can mention in your Will about the division of the estate you want them to have.
Additionally, if you’ve been paying your mortgage, consider including the asset and mortgage management in your Will. if your real estate is jointly owned by you and a partner, the property typically passes to your partner after your death. In such a case, you need not mention it in your Will.
Stocks, Bonds, and Mutual Funds
If you own any stocks, bonds, or mutual funds outside protection. You can choose to distribute its sole ownership or divide it among the beneficiaries of the Will.
Who will look after your minor kids after you’re gone? Ever thought about that? Yes, you can nominate a legal guardian in your Will to look after your minor children after you. True, the Judge gets the final say in who can look after your kid. Nevertheless, mentioning a name in the Will lets your Judge know your wishes about the guardianship of your kids.
Alternatively, you can even choose to create a power of attorney along with your Will. this way, a family member or friend can look after things on your behalf.
While you make your Will, bear in mind to include a section for a general provision that gives more context and clarity about everything covered in the Will. for instance, when you want to leave your assets to a future child or grandchild whose gender is not yet in the know, having a provision for the clarity of gender of all the words mentioned in the Will helps make the Will valid in court.
Whether you own a large corporate business or just a small side hustle, you must include your business in your Will. It is crucial to have a succession plan to avoid any stress, confusion, or legal troubles.
Appointing someone to own your business after you allows you to set up a smooth transition of ownership. Bear in mind to mention clearly in your Will about the establishment of your business and if the business passes on to your spouse, business partner, children, friend, or any other family member.
While making your Will, you can ensure that the original direction of your business is still intact and according to your wishes.
What Should Not be Included in Your Will?
Now that you’re aware of what you can include in your Will, develop an understanding of what does not need to be included in your Will.
You need not include the assets in your Will that already have a decided path of possession in their documentation. For example, non-probate items that require a beneficiary or assets directed to go to a living trust. Including such assets in your Will can cause issues, more so when different beneficiaries are listed on every document.
A pro tip: It is always advisable to check and update all your documents that list a beneficiary.
Need help writing a Will?
Arranging all your legal documents and going through all your accounts and property can be a daunting task. That is why we’re here to serve you in the comfort of your home. Call us up and our legal team will guide you through the whole process of drafting your Will.
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