When you’re planning your estate, one of the most important things to do is to ensure that you have a will that dictates what is done with your assets when you’re gone. However, often, things can slip through the cracks, leading to disputes or uncertainty. Here, we’re going to look at some of the steps you should take to prevent that.

Account for All of Your Assets

One of the most critical steps in ensuring that everything gets passed on in your will is to account for all of your assets. This includes tangible assets such as property, vehicles, jewelry, and personal belongings, as well as intangible assets like investments, retirement accounts, and intellectual property. Start by making a comprehensive list of everything you own and consider its value and who you want it to go to. Regularly update this list as you acquire or dispose of assets. By having a clear inventory, you can ensure that nothing is overlooked or unintentionally left out of your will, reducing the risk of disputes among beneficiaries.

Have Your House Deed at the Ready

Your home is likely one of your most significant assets, so it’s crucial to ensure that its deed is properly accounted for in your will. Having the deed at the ready means that it is stored in a secure, accessible location and that your executor is aware of where to find it. Clearly stating in your will who should inherit your home and providing instructions for how it should be handled can prevent any confusion or legal challenges after your passing. If there are multiple heirs, consider specifying how the property should be divided or sold to avoid potential disputes.

Don't Forget Your Financial Accounts

Financial accounts, including bank accounts, investment portfolios, retirement accounts, and life insurance policies, should be explicitly mentioned in your will. It’s essential to provide detailed information about these accounts, including account numbers and the names of the institutions where they are held. Additionally, check the beneficiary designations on these accounts, as they may override instructions in your will. Make sure your will and the beneficiary designations align to avoid conflicts. Keeping these accounts organized and ensuring they are included in your will guarantees that your financial assets are distributed according to your wishes.

Have Your Will Signed and Witnessed Properly

A will is not legally binding unless it is signed and witnessed according to the laws of your state or country. This typically requires the presence of at least two witnesses who are not beneficiaries of the will. Failing to have your will properly signed and witnessed can result in it being declared invalid, potentially leading to your assets being distributed according to intestacy laws rather than your wishes. To ensure that everything gets passed on as you intend, take the time to understand the legal requirements for your will and follow them meticulously.

As simple as you might want to keep it, the process of passing on your belongings can get complex when simple, but easy, mistakes are made. The tips above should help you avoid that.