When it comes to writing your will, you want to make sure you mention all the appropriate things so that none of your assets get forgotten. But, how exactly do you know what is supposed to be put into your will, and what gets left out? Here are some basic guidelines about what assets you should remember to include. Of course, always remember to also discuss this topic with your lawyer, for the power way of including all of these things.
All Your Real Property
Real property refers to the real estate that you own. You want to be sure that you include all of the real estate property that you own. This includes your home, land, and any other buildings that can be included in this area. These are some of the most important things to include, as they hold a great amount of value and are also likely to be some of your biggest assets overall.
Any Monetary Assets
Monetary assets include exactly that you would think: your bank accounts. This includes things such as your savings, checking, and money market accounts. These are just a few, however. If you have any additional monetary accounts, you want to be sure that those get listed as well. Your lawyer will be able to help you work through your accounts and determine which ones need to be listed.
Any Intangible Property
Intangible property includes a number of different things that, in many cases, relate to finances. This type of property includes things such as any stocks, bonds, and business ownership that you may have to your name. It will also include other types of property such as intellectual property, royalties, patents, copyrights, and other similar forms of property that fit in there. Again, your lawyer is a great source of information, and can assist you with understanding what other properties would go here.
Your Unproductive Properties
This type of property includes a number of different things. This category of property will include your valuables like your cars, artwork, jewelry, furniture, and other similar items. If you are not sure if a belonging counts as unproductive property or belongs elsewhere, or if want to gain a better understanding of exactly why certain things are considered unproductive property, talk to your lawyer.
The Residuary Assets
Residuary assets are the other properties you have left, that have not already been left to any of the named beneficiaries. These properties can be left to a person who you name your residuary beneficiary.
Writing your will may take time and a lot of thought, but knowing what should and should not be included is a major help. Hopefully, this clarifies the way you should be listing your assets. If you live in the Fort HILL, SC area, however, there is someone that can help you! Just talk to the Harden Law Firm, and set up an appointment to review your assets for your will.