A will provides closure. A few simple steps will erase the intimidation factor

The will is your chance to provide closure and security to all of those who have held a stake in your life. Beyond including your basic information and naming your executor, creating a complete will can be an intimidating and uncertain process.

It’s crucial to be thorough and solicit support to ensure that your bases are covered. After all, you really only have one chance to get it right.

After establishing your will’s executor and his rights, here are the top five things you should include in your will.

Personal assets

These can include jewelry, heirlooms, automobiles and a host of other items. However, “personal assets” cover more holdings than just personal belongings, as they also encompass bank accounts and cash.

Your assets include online accounts you own as well, so it’s important to leave clear instructions on how to manage or deactivate them. These accounts can include anything holding value, such as cryptocurrency, PayPal funds, digital intellectual property or reward points.

Consider appointing a digital executor to manage online accounts if you operate valuable businesses, games or social media profiles.

Dividing assets is fairly straightforward, and convenient online wills can make quick work of cementing your wishes. However, clarity and detail are key to avoid contradictions, confusion and infighting during the execution of the will.

Be sure to include accurate descriptions of any items and who will take possession.

Guardianship and children’s property

One of the most critical components of a will is your desired guardian for your children if you should pass. If this isn’t clearly indicated in your will, the court may give guardianship of your minor children to a spouse or family member.

This may not be your preference or the child’s best interest.

Minor children probably aren’t capable of managing their inheritance. Naming a property guardian or custodian and detailing instructions until the children reach adulthood will allow for a safe transfer and management.

Real property

Real property includes homes, land and buildings. Due to their value, managing the inheritance of real property is often a more complicated process than dividing assets.

If you have significant investments in real property, it’s crucial to work with an attorney when drafting your will. In many cases, he may recommend transferring property through a living trust instead of a will.

Canceling debts

A will should include not only what you give to beneficiaries but also what others owe to you. A rare consideration, the cancellation of open debts is not automatically assumed when you pass away. In many cases, the debts others owe become the legal right of your estate when you die.

There are exceptions to what debts can be forgiven in a will. If you have outstanding debts, not only are your assets at stake but also your ability to cancel debts owed to you.

Take time to consider which debts can be cleared and who will inherit any debts paid.

Caretaker for pets

Pets are as much a part of the family as anyone. Being mindful of who will take guardianship of your four-legged friends is essential in crafting a complete will. The time and money that pets demand are significant, so it is critical to find a willing and capable caretaker.

Include thorough instructions on how to care for your pets.

Depending on the type of pets that you own, their food and medical care alone can cost several thousands of dollars each year. Allotting a fund to be included for your pet’s care can alleviate much of the financial burden for the new owner.

Starting your will

No matter how you plan to divide your estate, your executor will ultimately be responsible for its successful fulfillment. Select someone reliable and competent enough to handle the task. Make sure he or she is aware of the extent of the responsibilities and that they have ample instruction for how to properly manage your property.

Unless you have limited or basic assets, partnering with a knowledgeable and professional attorney to guide you can ensure a smooth transfer of assets. An attorney can guide you through the nuanced legalities of estate management to ensure that your wishes are reasonable and actionable. That expertise can offer a thorough assessment of what you leave behind, providing peace of mind that your legacy is well-tended.

Clint Haynes is a Certified Financial Planner and a member of the Financial Planning Association of Greater Kansas City. He is a Financial Advisor in Kansas City, MO and owner of NextGen Wealth.