4 Key Items that Your Will Should Address

Preparing an accurate and up-to-date will is the best way you can help your loved ones when it’s time for them to settle your affairs. But it can be challenging to know what information should go into a will. 

Preparing this testament can help eliminate confusion and costs for your inheritors. It also ensures your efforts and earnings get passed on to the people of your choosing. Here are four essential items you should make sure to address in your personal wishes document. 

1. A Complete List of Assets

One of the best ways to prepare your will is to provide the executor with a complete list of your assets. This list might include: 

• Savings accounts
• Pensions
• Stocks 
• Bonds
• Businesses
• Personal property
• Real estate

Providing a comprehensive list of all assets can significantly reduce time, expense, and complexity as your inheritors put your affairs in order. 

A wills attorney in Daytona Beach can assist with reviewing your financial affairs to make sure all of your assets are correctly accounted for during the estate planning process. 

2. Designated Beneficiaries

Wills often don’t clearly designate which relatives stand to gain from the inheritance or how much each person should receive. You should list the names of all beneficiaries.

Eliminate confusion and family disputes by making it clear that your only beneficiaries are the ones listed in your will. 

3. Clear Asset Distribution

Your will should clearly address how your assets will be distributed among your beneficiaries. 

When you have multiple beneficiaries, it’s common to designate percentages rather than specific amounts of money. This arrangement makes monetary distribution easier, especially when your inheritors have to settle fees, costs, or debt. 

Assets to consider include: 

• Properties
• Vehicles
• Financial assets
• Businesses
• Personal property

Your will should clearly show how much each asset will pass to the listed beneficiaries. 

It’s also possible to designate gifts of your will. This act allows your beneficiaries to bypass the inheritance tax. 

You cannot gift property, businesses, and financial assets like stocks and bank accounts in a will. However, you can gift specified amounts of money and specific items. 

4. Guardianship for Children and Pets

If you have children under the age of 18 and die without designating a guardian in your will, the question of custody will be up to the courts. 

It’s far more preferable to arrange a designated guardian beforehand and inform them of your decision. This step allows you control over who will raise and care for your children.

Sometimes people forget to include pets in their will, which can be a mistake. You may dearly love a pet, but it’s common for pets of a deceased family member to end up going to a shelter. 

Make arrangements for who will assume ownership of any pets, and include this decision in your will. 

A Wills Attorney in Daytona Beach Can Help

Writing a will is a complicated legal process. Depending on your affairs, you might have items that need special attention, like intellectual property, royalties, or business ownership. 

Using a Daytona Beach wills lawyer can streamline the process and help ensure you haven’t missed anything important. With proper preparation, you can responsibly organize your affairs so that your beneficiaries avoid additional stress as they mourn your death and celebrate your life.