As you sit down to draft or revise your will, you may have trouble starting. Deciding what happens to your belongings and wealth after you die can be an intimidating task. Additionally, it can be confusing to know what you can–and should–include in your will.
Your will is going to be unique because your assets, family situation and desires are specific to you. However, there are some general guidelines for what you should consider accounting for in your overall estate plan.
1. Real estate
Any real estate you own is vital to incorporate into your will. This includes homes, pieces of land and any rental properties. You want to know what is going to happen to your valuable real estate once you are gone, so it is important to specify your preferences to your beneficiaries.
If you own a car or any other vehicle such as a boat, motorcycle or RV, you should think about what you want to happen to it after you die. You may decide to leave a car to a specific beneficiary. Another option is expressing your wishes for the executor of your estate to sell your vehicles upon your death.
3. Business assets
Do not forget about any business interests you hold. Whether you have a modest sole proprietorship or a successful corporation, it is an imperative asset to consider when planning for your will. Think about whether you want someone to run your business or you would rather sell it and give the profits to your beneficiaries.
Pets are like family to a lot of people. If this is the case for you, you should be sure to include a provision in your will about long-term care for your pets. Decide who you want to be the caregiver. Then, set aside some funds to go toward ongoing costs of caring for your pet.