Creating a will can be a daunting task. During this process, you need to make some serious decisions about what you may be leaving behind.
By considering all your assets and making clear plans for where they should go, you make it easier for your executor to handle the estate and eliminate financial stress for beneficiaries.
Here are some things you should include when putting this important document together.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Names of your executor and beneficiaries
Among the most important aspects of your will is who will execute your wishes, and who will benefit by receiving your assets.
Name an executor you can trust to handle the responsibility of dealing with your estate. Choose the beneficiaries you want to get ahead financially thanks to your lifetime of hard work.
Names of guardians
Parents have to make the difficult decision of who should be responsible for their minor children in the event of the parents’ deaths.
Name the person or people you want to care for your children. For parents, no decision is more important than this one.
Bank accounts and other savings
List all your banks, investment firms and other financial institutions where you keep savings. This should include details about everything from savings accounts to money market accounts and certificates of deposit.
Keep in mind that legally, the beneficiaries you name as part of your individual accounts supersede whatever you state in your will. But it’s still a good idea to list savings in the will.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Real estate properties
List all of your real estate properties in your will.
The list should include your primary home as well as rental properties, vacation homes, land you own, or any other real estate properties you own by yourself or jointly with someone else, such as a spouse or business partner.
You can also detail plans for the real estate, such as who should get each property after you are gone.
Investments
Retirement accounts and brokerage accounts will need to go to someone else when you die. Decide who should get these assets and add the information to your will.
Once again, it’s important to note that the beneficiaries you name as part of these accounts generally will supersede anything in the will.
Check with your financial institutions to get details on how to name beneficiaries to those accounts and review them from time to time in case they need to be updated.
Trending Stories
Debts
Unfortunately, your executor may have to account for debts you accrued throughout your lifetime. So, list debts in your will.
Think about debts tied to credit cards, student loans, car loans, mortgages, or other loans.
Digital assets
Decide who should have access to your digital photos, documents, email accounts, social media accounts, and more.
You also may want to consider signing up for a secure online platform such as a digital vault and deciding who will have access to it.
Businesses
If you own a business, include it in your will.
You can help your heirs — and the people who will take over your business — by including information such as founding documents, insurance information, business accounts, and financial information.
Pets
Make sure your furry friends are also taken care of by choosing a guardian for pets.
You may want to include instructions for how to care for pets when you are gone. Or maybe you want to provide money and other assets to the guardian to help them care for your animals.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Personal items
We all have personal items that hold sentimental value and that we hope to give to specific people when we die.
Consider family heirlooms and jewelry, as well as things such as furniture, books, and even your vehicles.
Bottom line
A will can give you peace of mind and help you avoid financial mistakes so your survivors won’t have to deal with hassles when you are gone.
So, educate yourself about wills and find a good attorney who can help you work through the process.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.