Grieving relatives are often left with a mountain of paperwork after a loved one passes on—something no one wants to deal with. Luckily, by writing a comprehensive will, you can relieve the administrative burden on relatives and ensure you are covering all the bases. We’ve compiled some things you shouldn’t neglect in your will, like other people do.
Digital Photos
Due to the modern popularity of smartphones, many of our most precious memories are stored on the cloud or behind a password on our phones. To ensure these memories are preserved for relatives and future generations, it is important to include instructions on how to access digital photos in your will.
Guardianship of Minors
Our children are the most important people in our lives, and therefore, it’s a sad fact that some parents forget to formally appoint guardians for their children. Writing down trusted individuals to take over guardianship will ensure that children are raised by people who align with the parents’ values, something that any parent will want to ensure.
Passwords
Nowadays, it seems like everything online requires a password. They’re essential access tools, yet they’re often forgotten about in a will, meaning relatives can be locked out of important online accounts. So, don’t forget to include details on how to access your password manager or a list of passwords in your will.
Digital Assets
We spend much of our lives online nowadays, and with that comes numerous social media accounts, email addresses, and banking accounts. However, the FT Adviser found that only 12% of adults included digital assets in their wills. While it can feel overwhelming to create a full list of all digital assets, your relatives will thank you.
Debts and Liabilities
Debt is a fact of life, with the average Brit owes £65,515 in debt. Nobody wants to leave their relatives struggling to pay off their debts or receiving demands for payment in the post. Luckily, by providing clear instructions on how your debt will be settled in your will, you can prevent your relatives from facing this uncomfortable situation.
Subscriptions and Memberships
Amazon, Netflix, the gym—we all have numerous subscriptions and memberships, including some you may have forgotten about. These are often overlooked in a will, but by including instructions for their cancellation or transfer, you can prevent unnecessary charges and complications for the estate executor.
Pet Care
Tragically, it’s all too common for people to forget about their pets when drafting their wills. Designating a caretaker and setting aside funds for the ongoing care of your pet will ensure that it is well looked after according to your wishes without burdening the pet onto a friend or family member.
Business Interests
Your business may be your pride and joy, but many small business owners overlook the future of their enterprises. To prevent your business from being forgotten, ensure your legacy continues by clarifying succession plans or laying out plans for selling the business.
Charitable Donations
Many people want to give something back after they pass on, and therefore, for those planning on making charitable donations in their will, it is important that this is explicitly stated. This will ensure that these contributions are honored, allowing the individual’s values and legacy to live on.
Financial Assets
Important accounts such as pensions, retirement funds, and stocks are sometimes omitted from wills, causing beneficiaries immense trouble. To ensure that this does not happen when you pass and that your loved ones can access these financial assets without any delay or complication, it’s important to make sure that the entirety of your estate is included in your will.
Personal Possessions
People often include larger assets, such as property, in their wills but sometimes neglect to address smaller personal possessions. While family heirlooms and other sentimental items might not have much monetary value, they are often deeply emotionally important, so it’s important to remember them.
Intellectual Property
There are so many things to consider when writing a will that copyrights and patents are often forgotten about. This is bad news, as you’d surely want your intellectual property to be remembered. So, clarifying the ownership and management of these assets ensures they are handled correctly, preserving your creative or innovative legacy for future generations.
Funeral Preferences
Surprisingly, many people forget to include specific funeral and burial preferences in their wills. Outlining these wishes can provide clear guidance to family members, easing their decision-making process during a difficult time and ensuring the individual’s final requests are honored. However, this information is generally best communicated before a will is created, enabling it to be acted upon immediately after death.
Digital Files and Documents
Many people store important information on their computers or on the cloud, yet so many people forget to include them in their wills. It’s essential to include access instructions to ensure that important digital files, such as legal documents or personal records, are available to those who need them. Otherwise, they might be very difficult to access.
Social Media Accounts
Considering how many hours people spend on social media, it can perhaps come as a surprise that instructions on what to do with social media accounts often aren’t included. Providing instructions for deactivation, memorialization, or management helps maintain privacy and prevents potential misuse, ensuring the individual’s online presence is handled appropriately.
Personal Letters
We leave quite the paper trail throughout the course of our lives, yet personal letters or messages to family and friends are often forgotten when writing a will. Including these can offer comfort and closure to loved ones, providing them with a final, heartfelt communication from the deceased.
Health Directives
If you are a caregiver, it’s important to declare your health care instructions in your will, yet so many people forget to do this. Clearly stating your preferences in the will provides guidance to both loved ones and healthcare providers during critical and difficult times, ensuring that medical decisions align with the individual’s personal wishes.
Instructions On How To Handle Assets
After you pass, you won’t want to add to your family’s struggles by leaving them puzzled about handling your assets. So, remembering to specify when and how assets should be distributed is important, helping to manage expectations and provide clarity, ensuring a smoother and more organized process for all involved parties. This can also prevent any potential conflict between heirs, which is surprisingly common.