When you’re writing your will, it can be easy to forget to mention some items, but often these hold significant sentimental or monetary value. To avoid leaving behind conflict between your heirs over the distribution of your belongings, make sure to include these 18 items in your estate plan.
Digital Assets
Consider digital assets with monetary value, such as cryptocurrencies or online investments, as well as those with sentimental value, such as email accounts and cloud storage. According to Which?, “77% said they had digital assets of sentimental value and 35% said they had assets of monetary value.” They go on to say that only 5% have referenced their digital assets in their will.
Personal Loans Owed to the Deceased
If you have any personal loans owed to you, you can specify how your heirs should handle this; for example, you could request they forgive the loans or provide details on how the money should be collected. Make sure you include documentation to ensure they can be properly managed.
Garden and House Plants
If you have valuable plants or ones that hold sentimental importance, you can provide instructions for their care or rehoming. Make sure you include the significance of your plants and don’t forget to distribute any special gardening tools or resources, too.
Personal Mementos
Your will should detail how you would like sentimental items such as family photos, letters, or personal journals distributed. CP Law Solicitors say, “You can use your will to make gifts of specific personal possessions or you can allow family members to each choose something they would like to have to remember you by.”
Timeshares and Vacation Properties
The ownership and succession plan for your timeshares or vacation homes should be documented in your will, addressing how your heirs should deal with expenses or maintenance responsibilities. Make sure to spend time considering the impact of these properties and any potential conflict they may cause amongst your heirs.
Frequent Flyer Miles
Have a look into your frequent flyer miles program and see what the rules are for transferring and redistributing your miles among your heirs. You could direct your heirs to make use of them in a certain way, and you should make sure you provide information on how to access and transfer the miles.
Collectibles
If you have collections of stamps, coins, art, or similar, it is a good idea to specify how you’d like them to be distributed and the significance of the pieces. If you would like them to be sold, you should include instructions on how to value and manage the sale.
Personal Letters or Messages
Personal letters can have immense emotional value and serve as a meaningful legacy. It is a nice idea to write personal letters for your loved ones containing life lessons or personal stories. To include them in your will, make sure you provide instructions on how and when these letters should be delivered to their recipients.
Pets
You’ll want to choose a guardian for each of your pets, remembering that this person will be responsible for loving and taking care of your pet. Free Will says, “Being a pet guardian is a big responsibility, so make sure your nominee is up to the task before you select them.”
Loans and Debts
If you have any loans or debts in your name, you should clarify how they should be handled and whether they will need to be paid from the estate. Ensure you include documentation, and make sure your instructions are clear on joint debts and their impact on the estate.
Loyalty Points
Rewards and loyalty points can accumulate significant value over time, and you should therefore consider them as assets. You’ll need to make sure you understand the terms and conditions of each program, as the ability to transfer these points varies by provider.
Family Heirlooms
According to Willed, “Not deciding on who’ll be entitled to family heirlooms before a matriarch or patriarch passes can make things challenging for a family.” To avoid disputes, it’s a good idea to detail all of your heirlooms and their intended recipients, along with any associated stories or significance.
Important Documents
You’ll want to make sure that your important documents are kept safely and are easily accessible to your heirs. This will include life insurance policies, marriage certificates, and property deeds. You’ll also need to provide instructions on who should receive these documents and how they should be used in the context of the estate.
Club Memberships
Memberships to country clubs or professional associations can be included in your will, and you can specify what you would like to happen with them, including whether you can transfer their ownership. You should also provide information on any associated fees or dues that need to be handled or canceled.
Intellectual Property
According to Trust & Will, you can use your will to bequeath your intellectual property (IP) to an heir of your choice. They go on to say that you can also “leave provisions regarding how you would like your work to be used or prohibit its use in certain scenarios.”
Safe Deposit Box Contents
If you have a safe deposit box, you will need to provide information on its location and how to access it. You’ll also want to detail any content and how you would like this to be distributed. Make sure to consider any sensitive documents that might be in your box and include instructions on how to handle them.
Musical Instruments
Musical instruments can carry significant sentimental value, especially if they have been used to create music or have been in the family for generations. You can provide instructions for their care and maintenance, as well as how to get the items valued and manage their sale if appropriate.
Rare Books and Manuscripts
If you own any rare books or manuscripts, it’s a good idea to highlight them in your will and explain their value or significance. Make sure you distribute them to your heirs and provide guidelines on how to care for and preserve these items.
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