So you’ve decided to think ahead and plan for the future by writing your will. Congratulations, you’re much more prepared than most people who postpone writing a will until the last minute or forgo one altogether. But is simply writing a will enough? It might not be if you want your loved ones to be fully prepared and informed of your wishes. Here are some things to consider creating once you’ve completed the writing of your will:
- A List of Accounts
Generally, a will can tell you how an individual’s assets and property are to be distributed once they die. However, a will can leave out a lot of information such as how to access the assets. Consider leaving a list of accounts that your loved ones will be able to access. Include things such as bank accounts, credit cards, mortgages, and personal loans.
- A Password List
Few things will be as frustrating as realizing you’ve inherited an important financial asset but have no means of accessing it online. Login names, pin numbers, e-mails, and passwords are all important parts of an online account’s security. Keeping a list of passwords and other sensitive information pertaining to your will is a smart move and your relatives will thank you for it.
- Note of Investments
Like a list of accounts, the inheritors of your assets will want to be informed of whatever investments you have in your name. These can include stocks, bonds, annuities, life insurance policies, retirement assets, and other investments. If you have a broker or agency that helps manage your assets, be sure to include their contact information.
- Funeral Plans
If you’re facing an illness, or simply want to have all the details of your funeral taken care of ahead of time, you can have specific instructions left to your loved ones for your funeral arrangements. You can even plan your burial, funeral, or cremation in advance. If you want to lift the burden off your loved ones, you can also set aside funds to cover your funeral costs.
- Instructions For Your Will
Last but not least, it’s good to discuss everything with your family ahead of time and let them know you’re planning to have your will, investments, and other financial accounts prepared for when you pass on. Give them instructions on where to find your will, your list of passwords and accounts, your funeral plans, and other important details. Explain to them what your wishes are and how you would like to have the assets of your will distributed once you pass on. Being proactive in your will can help save your loved ones much stress and concern, and provide peace of mind to you that your desires are carried out in the end.