Secure Your Legacy: Fix These Common Will Errors Right Away

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Many individuals tend to focus on the major assets like property and finances when creating a will. But the smaller details can greatly impact the loved ones left behind.

In a 2023 survey by lawdepot, it was revealed that 73% of people do not have a documented estate plan. Interestingly, the primary reason cited for establishing an estate plan was to simplify the handling of assets for loved ones after one’s passing.

This shows how important it is to plan your estate properly. Not planning carefully can lead to confusion, arguments, and unnecessary stress for loved ones during an already difficult time.

This article shares 23 key elements that people often overlook when making their wills. Understanding why these details are important can help ensure you leave behind a thoughtful, complete legacy for your loved ones.

Let us know in the comments if you have any suggestions, things to add to the list, or if you experienced a loved one overlooking one of these in their will.

Oh and I am a Chartered Financial Analyst with more than two decades of experience in Financial Services. I have an estate plan. I also lost my mom a few years ago. I have experience with this from several angles.

Caring for Your Pets

Around 66% of us have pets that we consider family members. In your will, state who will take care of your pets. This ensures they get the same love and care you gave them. You wouldn’t want them to miss out on beloved treats and belly rubs.

Also clarify any financial setup or instructions for their care. Maybe set aside money to cover expenses or outline their dietary needs. These details give peace of mind that your beloved pets will be properly cared for.

Personal Letters

A heartfelt letter is a meaningful gift for loved ones. Include personal notes in your will to share final words of love, wisdom and guidance. It provides a comforting presence even after you’re gone. A simple but profound way to add a personal touch.

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Consider writing separate letters to different people. Offer specific advice, reminisce on cherished memories, or express hopes for their future. These letters create a lasting connection and can bring solace long after you’ve departed.

Family Heirlooms

Items like grandpa’s watch or your wedding china may not appeal to everyone. But they hold great sentimental value for the family. Clearly state in your will who gets these treasured items. This prevents misunderstandings and keeps them in loving hands.

Provide a brief story about each item’s significance. This will allow loved ones to appreciate the cherished possessions and ensure these heirlooms receive the reverence they deserve.

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Charitable Donations

If you care deeply about a cause, leave a donation in your will. This extends your support and kindness beyond your lifetime. You could even set up an ongoing fund to provide lasting assistance.

Discuss your philanthropic goals with the chosen charity. Let them understand your vision and craft a plan that aligns with their mission. This maximizes the impact of your contribution.

Funeral Plans

Planning a funeral is emotionally and financially difficult for loved ones. Including preferences for music, flowers, etc. in your will eases this burden. It also helps avoid the $8,300 average cost of a funeral by ensuring your wishes get honored.

If you want an eco-friendly burial or celebration of life, outline this. Clear instructions allow your family to grieve without the added stress of planning.

Naming a Guardian

For those with young kids, appointing a guardian in your will is critical. This ensures your children get care from someone you trust and approve of. Discuss this role with the chosen person beforehand to avoid surprises.

Outline expectations for your children’s upbringing – education, values, cultural traditions. This guidance provides a roadmap for the guardian aligned with your vision for your kids’ well-being.

Business Instructions

Business owners must outline plans for their company’s future. Specify who takes over and provide detailed instructions to continue operations smoothly. This reduces loved ones’ stress while securing your business legacy.

Consult key employees, partners and advisors to ensure a seamless transition plan. Their insights help craft a comprehensive strategy to minimize disruptions in the company you built.

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Collections & Hobbies

Your hobbies like vinyl records or stamp collections deserve consideration. Clearly state who inherits these or if they should be sold/donated. Your passion projects deserve to be handled with care.

Provide context on your collections so recipients appreciate the time and love you poured into them. This personal touch preserves your legacy connected to these pursuits.

Digital Accounts

Address your online presence, social media, shopping accounts etc. Include instructions for handling these so loved ones can close, memorialize or transfer them properly. This preserves your digital legacy while protecting privacy.

Designate a tech-savvy person to oversee this process. Provide login credentials and guidance. Their familiarity with digital realms streamlines managing your online footprint.

This was an issue for us when my mom was put on hospice. We had a young son and wanted accesses to all the pics she took with him, and us, but we could not access her phone.

Passwords & Access

Passwords protect many aspects of life, finances, personal files, etc. Designate a trusted person in your will to access these password-protected items. This prevents losing important data or memories.

Consider a password manager or document with all logins for this designated rep. Centralized access simplifies the transition of your digital assets.

Debts & Loans

Be transparent about any outstanding personal or business debts/loans in your will. This clarity helps loved ones fairly settle affairs without stress. Nearly 73% of Americans pass on debt, so clear communication is vital.

Provide details on each debt’s type and amount, along with any documentation for creditors. This empowers your family to responsibly address obligations.

When my wife and I got married, I owned rental houses and many different accounts. One of the first things I did was make a list of everything, in case something happened to me.

Educational Support

Consider setting up a fund to cover education costs for children/grandchildren. A meaningful way to invest in their dreams and aspirations through tuition assistance.

Consult financial advisors and institutions to structure this support effectively. Ensure your contribution maximizes intended benefits as a lasting legacy of learning.

Storage Units

With almost 40% of Americans using self-storage facilities, don’t forget to include information about your stored items. Specify the location and contents in your will to ensure nothing valuable or sentimental is overlooked.

Provide clear instructions, should items be donated, sold or claimed by certain beneficiaries. This prevents confusion over properly accounting for stored possessions.

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Financial Investments

Beyond cash and property, include details on investments like stocks, bonds, retirement accounts. This transparency makes managing and distributing these assets easier per your wishes.

Consult financial advisors to navigate complexities of investment portfolios compliantly. Their expertise simplifies the process while maximizing investment value for loved ones.

Artistic Creations

If you create art, writing or other creative works, don’t overlook them. Decide who inherits these pieces holding personal significance and could become cherished heirlooms.

Include descriptions or background stories to let recipients appreciate the inspiration behind your artistic creations. This adds meaning as your creative legacy gets preserved.

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Vacation Homes And Rental Properties

If you own vacation properties or timeshares, specify in your will who takes them over to avoid complications. This ensures these beloved getaways keep getting enjoyed.

Outline any wishes or guidelines for their use, like rotation schedules among beneficiaries. This proactive approach prevents misunderstandings over harmoniously sharing the properties.

For us, my dad owns rental houses. If he does not have a plan in place, it is going to be a headache for my siblings and I to track down all his properties, tenant names, tenant contact info, and more.

Medical History

Including your full medical history provides invaluable insights for descendants about hereditary conditions and health risks. This empowers informed decisions about their well-being.

Beyond diagnosed illnesses, note lifestyle factors impacting health like diet or environmental exposures. A comprehensive record equips loved ones with your family’s medical background.

Safety Deposit Boxes

Document the location and contents of any safety deposit boxes you have. This simple step ensures your family can properly access and manage valuable items or documents stored inside.

Provide explicit instructions on entry requirements like authorized names and needed identification. This streamlining prevents unnecessary delays or complications.

Memberships & Clubs

For club or organization memberships, include handling instructions. This allows passing on the associated benefits and privileges to someone who will appreciate them.

Specify membership details, contact info, renewal dates, fees/dues. This transparency ensures a smooth transition in preserving connections you’ve cultivated.

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Personal Belongings

Don’t overlook sentimental everyday items like a favorite fishing rod or cozy reading chair. Clearly state in your will who should inherit these seemingly minor but personally meaningful possessions.

Share context or anecdotes about these belongings. This allows recipients to appreciate the memories and sentiments attached – ensuring cherished keepsakes get proper significance.

Intellectual Property

If you created intellectual property like patents or copyrights, include instructions on handling these assets. Specify who inherits the rights and how they should manage them properly.

Consult legal professionals to ensure documentation complies with relevant laws while protecting and potentially generating income from your intellectual creations.

Cryptocurrency

The rise of cryptocurrency necessitates addressing any digital asset holdings in your will. Provide wallet details, private keys and information to ensure proper access and management by loved ones.

Designate a tech-savvy person to oversee transferring or managing digital assets. Consider instructions for converting them into traditional currencies or investment vehicles.

Loyalty Programs

Don’t forget accumulated loyalty and reward points from various programs. While of smaller monetary value, collectively these can provide travel, merchandise or other benefits for beneficiaries.

Specify whether points should transfer to someone or get redeemed for particular purposes. This ensures your hard-earned rewards don’t get squandered.

Final Touches

In the end, a will is more than just a legal document, it’s a final love letter to the world you’re leaving behind. By taking the time to thoughtfully consider these 23 often-overlooked elements, you’re doing something truly special.

You’re ensuring that the little things that made you, you, aren’t forgotten. The quirky collections, the cherished heirlooms, the beloved pets, each detail is a piece of the puzzle that was your journey.

It’s a powerful act of love and an enduring connection that will provide comfort and solace when they need it most. Long after you’re gone, your family will be able to look back on these thoughtful touches and feel your warmth and spirit surrounding them.

So don’t overlook the small stuff. Because in the grand scheme of things, it’s those tiny details that tell the biggest story, the story of you. And what better way to be remembered than through the laughter, wisdom, and heart you’ve collected over a lifetime?

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