What all should you include in your Will ?

Where there is a will, there is usually someone prepared to challenge it. Where there isn't, one is ready to fight the inheritance nevertheless. And frequently, we don't know what all we need to provide and include in the testament.

While it is legal to object to someone receiving an inheritance, if a will is correctly prepared, the argument may be readily dismissed. Additionally, a will significantly lowers the likelihood of litigation and gives the legitimate owners the chance to enjoy their share of the bequest.

So what all should you include in your Will ?

1. Money- This could be the most crucial asset in your Will. It means that your family members are fully aware of the whereabouts of the funds set aside for any outstanding bills. These could include charges for medical care, burial costs, and, if applicable, probate fees. Of course, your estate might pay for all of these types of debts, but by making it clear where and how your loved ones can access particular monies for certain purposes, you help make things a bit easier for them. You should also include a variety of bank accounts in your will, such as checking, savings, and money market accounts, which are all popular forms of monetary assets.
2. Property and Estate- Real estate can take many different forms, including homes, land, buildings, and other property, and your will should be extremely specific about who inherits which properties. Consider how the mortgage would be repaid if you have one on any property.
3. Investments- The beneficiaries for all of your stock and bond holdings, mutual funds that aren't part of a retirement plan, and other investments should be listed in your will. By doing this, it is clear who receives what from your assets.
4. Additional assets- You could choose to leave specific family members and friends lesser assets, frequently ones with sentimental value. Consider things like jewels, automobiles, family heirlooms, works of art or other collections, etc. Your will is a terrific location to leave something unique to a particular person in your life if you know you want to.
5. Regarding Guardianship - While guardianship is not regarded as an asset, yet protecting our loved ones when they are most in need is a major reason we write a Will. One way to guarantee that they will be properly cared for and safeguarded when you are no longer able to is to appoint guardianship for pets, minors, or other people you are responsible for.

Hence, these are all the basic and necessary things to include in your Will, which you will more or less remember to add every time. However, there are some assets or items that might slip your mind so it is important to be aware of them.

• Digital assets- Cryptocurrencies, online accounts (email, social media, online banking), and digital files (pictures, papers) are all examples of digital assets. You should give instructions on how to access these assets as well as details on who should inherit or manage them.
• Pets- You can name a guardian for your pets in your will. This individual will be in charge of providing for the daily requirements, medical treatment, and general wellbeing of your pets. Select someone who is dependable and open to taking care of your animals. In addition to naming a guardian, you can allocate money in your will to pay for the upkeep of your pets. Expenses for feeding, veterinarian care, grooming, and other essentials may be included. To make sure the chosen guardian has the means to care for your dogs, be sure to go over the financial details with them.
• Memorabilia- Personal collections of objects with sentimental or historical value, such as artwork, collectibles, or unique relics, are referred to as memorabilia. Make a thorough list of all of your memorabilia pieces, identifying and describing each item in detail. Include any details regarding their worth, significance, etc. Furthermore, Indicate who is to get each item or collection as an inheritance. If you want to contribute certain products, you can specify particular people, such as family members or friends, or even charitable organizations. You should also consider getting your memorabilia professionally assessed if some of the pieces have substantial monetary value so that you can accurately determine their worth. For both tax and estate planning purposes, this may be crucial.
• Digital accounts- Digital accounts include a variety of online resources and data, such as email accounts, social media profiles, online banking, and others. By addressing these in your will, you may make sure that, after your passing, your online presence will be managed in accordance with your wishes. You should make a complete list of all of your online accounts, including usernames and passwords, to start. In order to reflect any changes to your online accounts, make sure to update this list frequently and think about selecting a digital executor, someone you can trust to look after your digital assets and accounts after your passing. This person needs to be tech-savvy and capable of managing online issues. Also, certain websites have special guidelines for how to handle user accounts after their passing. You should familiarize yourself with the terms of service and communication guidelines of the sites you use before communicating your preferences.
• Charitable donations- Many people want to leave their possessions to charity causes or organizations when they pass away. You can choose the charitable causes or organizations you want to fund with your estate and indicate in detail how much cash or other assets you intend to give to each charity. A predetermined sum, a portion of your estate, or particular assets, such as stocks, real estate, or personal property, might be designated. You should reach out to the selected charities and let them know you intend to leave a bequest for them in your will. For such gifts, some charities might have special guidelines or limitations.

These are some assets or points that you may forget to add in your Will. Now, you may wonder, if you can add assets in your will then can you also add your debt? The answer is yes, a Will can contain clauses addressing debts, but it's crucial to realize that a Will does not automatically discharge obligations upon death. What a will can do for your debts is as follows:

• Debt Repayment: In your will, you can direct how the assets of your estate should be used to settle any outstanding obligations. This could entail selling particular assets to pay off debts, or it could specify that debts be paid out of a certain bank account or insurance policy.
• Debt Forgiveness: You can also release someone from a debt they owe you with a provision in your will. A "debt forgiveness clause" in a will is what it is called.
• Securing Assets: If you have large debts, your will could specify which assets go toward paying them. For instance, if you have a mortgage, your will can specify that a certain property be sold to pay off the remaining sum of the mortgage.

It's crucial to remember that your debts do not necessarily pass to your beneficiaries. Your estate is in charge of paying off your debts first, and if there aren't enough assets there to cover them, your debts might not be fully paid off. In such circumstances, the creditors might be forced to cancel the outstanding obligation or approach your beneficiaries.

A few debts may also avoid the probate procedure and be settled in accordance with the provisions of the contract or policy, such as jointly held debts with a co-signer or debts with designated beneficiaries (such as life insurance plans with a named beneficiary).

A lawyer with experience in estate planning and probate law should be consulted to ensure that your debts are handled legally and in the best interests of your estate and beneficiaries. They can assist you in drafting a will that takes into account your unique financial circumstances and objectives.