What Should a Will Include?

With a will, you have the power to dictate how you want your estate to be divided up after you die. Although the major items included typically range from bank accounts and stocks to houses and cars, wills can even address to whom you want to give personal items, such as jewelry or furniture, once you pass away.

Here's what you can expect as you embark on the process of making sure your will is drafted and your estate is dispersed according to your wishes:

Naming the beneficiaries who will inherit your assets

Deciding on your beneficiaries is key in determining who inherits assets such as a 401(k) account that bypasses the probate process. Assets such as stocks and bonds with designated beneficiaries don't require inclusion in your will. They can directly transfer to your named beneficiaries, also bypassing probate.

Choosing a guardian for any minors who will survive you

Selecting a guardian for your minor children is a crucial aspect of your will. This person should be someone trustworthy to take care of your children's physical needs. You may also appoint a trustee to manage financial matters for your children until they reach a certain age. While one person can serve as both guardian and trustee, you have the flexibility to choose different individuals for these roles.

Assigning a power of attorney to someone to act in your best interests

Consider creating a power of attorney alongside your will to authorize a family member or friend to make decisions on your behalf. Ensure gender-neutral language throughout your will to enhance its legal validity. Clarify any potentially unclear language in a definition section to ensure your wishes are accurately carried out.

Deciding on someone to act as executor

Selecting an executor or personal representative for your will is a significant decision. This individual is tasked with executing your final wishes, including managing assets, settling debts and expenses, and wrapping up your affairs. Choose someone trustworthy who can handle the responsibility and also support your family during an emotional time.

Incorporating your digital assets into your will

Remember to address your digital assets to facilitate access for your executor and prevent delays. The average person holds numerous digital accounts, including those pertaining to photos, music, email and social media. Provide details regarding how to access those assets as well as where essential documents, such as property deeds and tenant information, are stored.

Addressing your investment assets and the details pertaining to them

Document all this information as thoroughly as possible. Describe each account clearly to eliminate the chance of confusion. Regularly review and update this information to ensure its accuracy over time.

Last but certainly not least, always make sure you document information regarding your will in writing. Be as specific as possible, and since accounts and information can change over time, it's important to review the details of your will on a regular basis to double-check that it is always up to date.

The legal matters associated with establishing a will are rather complex. Even so, the good news is that you can hire a lawyer with experience drafting wills to help you with yours. Experts in estate law will make sure you adhere to all the necessary steps required to properly execute your will. Best of luck!

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