5 Assets You Should Include in Your Will

November 7, 2012 by Staff Writer

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If you’ve drafted your will, you may think you’ve included everything that needs to be taken care of — beneficiaries, guardians for your children, etc. But you may have some assets you haven’t considered putting in your will. Do you have any of the following assets? If so, go change your will! Ask your lawyer if there are any other assets you should consider.

1. Digital assets:

   
   This is an aspect that your great-grandparents never had to consider when writing their wills. Americans value their digital assets at almost $55,000, including accounts, photos, records, and various files across all of their devices. While account providers may have different conditions on whether the account is transferable after your death, you can include instructions in your will to give the executor the power to access your online assets (email accounts, PayPal, Ebay, etc.) or leave usernames and passwords for a beneficiary to access accounts and devices.

2. Real estate:

   
   If you’ve spent a large chunk of your life paying off your home or land, you’re going to want to know where it’s going when you die. If you are a joint owner with full rights of survivorship, the other owner will automatically be transferred ownership when you die. But if you solely own the property or have another joint ownership arrangement, it’s essential you specify what to do with the real estate after you’re gone.

3. Business assets:

   
   If you have your own business, this is a huge asset to consider when planning your estate. When you think of the future of your company, even after your gone, is it still being run by someone you trust? Or has your family been able to make money off of its sale? Deciding whether you’ll choose a successor or have it sold after your death is the first major decision to make. If you’re just one of many partners in the business, you’ll need to discuss with the others what the plans for your shares are in case of your death.

4. Vehicles:

   
   A car, like real estate, is an asset that can’t be easily divided among your beneficiaries, so you’ll need to include your wishes for your vehicle in your will. You can leave it to a beneficiary or ask for it to be sold. This will save some arguments and headaches for your loved ones. This also goes for any other motor vehicles you might have, such as a boat, motorcycle, or RV.

5. Investments:

   
   When you sign up for some types of investments (IRAs, 401(k)s, and life insurance), you name a beneficiary, and that beneficiary stands regardless of what you put in your will. But if you name your estate as the beneficiary, or if you’re dealing with another type of investment (stocks, bonds, etc.), it’s important to include these assets in your will. Investments often contribute largely to your overall estate, so leaving them out is a huge oversight.