paper concept of last will and testament with pen
  • Posted November 6, 2022

Items You Shouldn’t Forget in Your Will

Your last will and testament is an important legal undertaking. While it may not be fun to think about your own death, it is essential that you plan ahead in order to provide a smooth transition for your loved ones. Our certified financial planner states some of the most important parts that you shouldn’t forget.

A Detailed List of Accounts

Making your will means being careful to include all of your assets. Assets can be big or small; they can have monetary value, sentimental value, or both. A lot of the assets that you probably already have are liquid, meaning they are in the form of cash. For most people that means ban accounts. Be sure to list out every account that you have, not forgetting accounts in separate banks or accounts shared with other people. Savings accounts, retirement accounts, checking accounts, and accounts just for storage should all be included. Our certified financial planners in Hartford, CT can help you with succession planning services.

Your Home

For the vast majority of people, the single most valuable asset that they own is their property. This is even more important if you own multiple homes – but even if you don’t, this is essential. You need to have a clear legal path prepared for the inheritance of your home. This can be done with a will or a trust. Without instructions for a home in the will, the property will go into probate. Once in probate, it can be very difficult for your loved ones to get the asset back. It can take months, and they will need an expensive lawyer. There is no guarantee that they will get it back at all.

Sentimental Items

First and foremost, you need to think about the financially valuable assets. These are the items that people are most likely to fight over. They are also the items that are most likely to get into legal trouble – whether from the government or from debt collectors. Once you have all of those taken care of, you need to think about small sentimental items of inheritance. They can be easy to forget if you’re not careful. While leaving them out of the will won’t leave them to probate, it might inspire confusion amongst your loved ones, leading to contention.

The reason you should make a will is to help your loved ones with the transition. They might need financial support. They might need emotional support. Whatever the case is, it’s always best to update your will sooner rather than later.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Tenpath Financial Group and LPL Financial do not provide legal advice or services. Please consult your legal advisor regarding your specific situation.

Check out this article on financial decisions to make at the start of your retirement!

Contact Tenpath Financial Group for certified financial planning services.