How to List Assets for a Will
Before you can write down all of your assets in your will, you must brainstorm a list of all significant assets that you own and organize them into categories. You'll also need to select your beneficiaries, which are the people to whom you're bequeathing your assets. Once you're ready to write your will, list your assets in separate categories in the document, such as “real estate” and “personal property.” The specific requirements for writing a legal will vary from state to state. Contact an estate planning lawyer to help you write your will.
Other People Are Reading
Instructions
-
-
1
Write a list of all the different assets you own and organize them into categories. Only write down your significant assets. For example, include your vehicle, but exclude your collection of coffee mugs unless they are valuable antiques. Your list can include a car, a recreational vehicle, your house, a rental property that you own, savings bonds and your bank account. Categorize the first two items under “personal property,” the house and rental property under “real estate,” and the latter two items under “financial assets.”
-
2
Select the beneficiaries who will receive your assets. For example, leave all of your real estate to your niece or leave one property to her and another to your nephew. If you own property jointly with another person, such as your spouse, you can only bequeath 50 percent of the property. In most cases, people will leave their share of the property to the other owner. Property that you own jointly can include your house and your bank account.
-
-
3
Choose contingent beneficiaries for each asset that you bequeath. Contingent beneficiaries are those that will receive the property in the event that the primary beneficiary does not survive you.
-
4
List your real estate as the first category of assets in your will. You can use a will template, which will supply the legal jargon for you, although this is not mandatory. You will only need to fill in the assets and the beneficiaries. The writing will usually read something like: “I, John Doe, give all my real estate properties to my sister, Jane. In the event that she does not survive me, I give all my real estate properties to Paul.”
-
5
List all items that fall into the “financial assets” category next. The wording of this category will read much like the wording of the real estate category. For example, write “I, John Doe, give the funds in my bank account to my wife, Catherine Doe, and I give my savings bonds to my grandson, William Doe.” After listing each financial asset, name a contingent beneficiary.
-
6
List the “personal property” category last. Some people choose to group together all their tangible personal property, such as jewelry and furniture, and direct the will's executor to divide it equally amongst their beneficiaries. For example, write “I give all my tangible property in equal shares to my children, to be distributed by my executor.” You could also list specific items and direct that they be given to certain beneficiaries.
-
1
Tips & Warnings
Using a will template is not necessary. You can draft your own last will and testament by using similar wording. You will need to follow your state laws and regulations, however, which sometimes require the will to be notarized and bear the signature of a witness. Speak with an attorney to ensure you are in accordance with the rules.
Select an adult as a trustee if you leave assets to a minor child.
If you have a retirement plan like a 401k, you will name your beneficiaries of that plan on the plan's beneficiary form. Even if you name a different person to receive the asset in your will, the 401k will go to whomever is named in the plan's beneficiary form.
If you hold any assets jointly with right of survivorship, such as a house you own with your spouse, your half of the property will automatically pass to the other owner.
References
Resources
- Photo Credit Comstock/Comstock/Getty Images
