Your will is a pivotal step in planning for the future, but it’s only half the battle. Ensuring your will accommodates your latest life changes is a necessary and ongoing task. Otherwise, you’ll be stuck with an outdated will that’ll most likely be missing key components your family will need. Here are some common things to include in your will that can be easy to overlook.
1. Digital Assets
Digital assets include crypto, email, and social media accounts. Keep in mind that not everything will pass through to your will if it has no monetary value or you don’t own the platform. For example, you can’t transfer your social media accounts because you don’t own the platform. However, you can transfer crypto because it has monetary value.
2. Guardian for Pets
To protect your furry companion, you can declare a person as the primary caregiver for your pet after you’re gone. However, you won’t be able to leave money for your pet directly. Instead, you’ll assign money for your pet’s caregiver to use.
As they won’t be obligated to use these funds for your pet, it’s important to choose someone you trust. Additionally, you can assign an executor who can help distribute these funds and find a replacement caregiver if necessary.
3. Debts and Liabilities
The executor of your will should be able to manage your debts and assets. They’d work on paying off all your debt first, then distribute the remaining assets. Note that if debt remains and you’re not legally bound, you’re not obligated to pay it off. Many companies will reach out to family members requesting money, but it’s not legal for them to demand you pay.
4. Personal Messages
Including a personal message alongside your will is a personal choice, but in some cases, it may help family members. For example, if the language in your will is vague or unclear, a personal message can help judges and family better understand your wishes. However, if done incorrectly, your personal messages may add more confusion. Determine if your will already includes your wishes to help determine if a personal message would be useful.
5. Funds
Money is one of the most important things to include in a will, but a few things can be overlooked. For example, you may forget to include a few bank accounts, investments, or businesses worth money. Double-check you’ve listed all your accounts or items worth any money.
Don’t Overlook Anything
Planning for after you’re gone is not easy. However, it is important to protect and aid your family and loved ones in the future. If you don’t already have a will, consider creating one. If you already have a will, ensure it’s updated and includes all the points mentioned here. Life after you’re gone won’t be easy, but you can make it easier for your loved ones by preparing now.