Creating a Comprehensive Will

A will serves as a crucial legal document that ensures your assets are distributed according to your wishes after you pass away. When drafting a will, it’s important to include a comprehensive list of assets to provide clarity and avoid confusion among beneficiaries.

In this blog, we will explore seven essential assets that should be included in your will, as well as items that are best excluded from this document.

1. Money That Should be Used to Pay Outstanding Debts

Including details about money allocated for paying outstanding debts in your will is crucial. This ensures that any outstanding liabilities, such as mortgages, loans, or credit card debts, are settled before distributing your estate. By clearly specifying these funds, you protect your beneficiaries from potential financial burdens.

2. Real Estate, Including Your Primary House:

One of the most valuable assets to include in your will is real estate, particularly your primary residence. Clearly identify the properties you own and provide specific instructions regarding how you want them distributed or sold. This will help avoid conflicts among beneficiaries and ensure your wishes are carried out.

3. Stocks, Bonds, and Mutual Funds:

If you hold investments such as stocks, bonds, or mutual funds, it’s essential to include them in your will. Specify the details of these assets, including the names of the holdings, account numbers, and any specific instructions for their distribution or management.

4. Business Ownership and Assets:

If you own a business or have ownership interests in any companies, make sure to address these assets in your will. Clearly state how you want your ownership transferred or whether you wish for the business to be sold. This ensures the smooth transition of your business interests and helps avoid potential disputes.

5. Cash:

Including information about cash assets, such as bank accounts, savings, or certificates of deposit, is important for proper estate administration. Provide specific instructions on how these funds should be distributed among your beneficiaries or if they are intended for specific purposes, such as educational expenses or charitable donations.

6. Other Physical Possessions:

While financial assets are significant, sentimental or valuable physical possessions should not be overlooked. Include a detailed inventory of personal belongings, such as jewellery, artwork, vehicles, or heirlooms, and specify how you want them distributed among your loved ones.

7. Guardianship of Pets and Children:

If you have minor children or pets, it’s crucial to address their guardianship in your will. Clearly designate a guardian who will assume responsibility for their care and well-being. This ensures that your beloved dependents are cared for by someone you trust.

What Not to Put in a Will:

While it’s important to include various assets in your will, certain items are best handled through alternative means. Here are a few examples of what should not be included in your will:

1. Funeral and burial instructions: Instead of including them in your will, communicate your wishes separately to ensure they are known and acted upon promptly.
2. Jointly owned assets: Assets with joint ownership, such as joint bank accounts or jointly held properties, usually pass automatically to the surviving owner and are not governed by the will.
3. Life insurance policies and retirement accounts: These assets have designated beneficiaries, and their distribution is typically governed by separate beneficiary designations.
4. Digital assets and online accounts: Instead of including specific login details or passwords in your will, it’s advisable to create a separate document or use online platforms that provide mechanisms for managing digital assets.