What Assets Should be Included in a Will?
18 Feb 2021 Legal Services
Knowing what assets should be included in a will before sitting down with your lawyer to draft the document will allow you to ensure that your assets will be properly distributed after your death. At Linley Welwood, their team of highly skilled wills, estates, and trusts lawyers understand how important it is to cover all of your bases. That is why they have put together a list of assets that you should include in your will.
Learn how to write a will in BC.
1. Money for Outstanding Debts
One of the most important things that you should outline in your will is where the money to pay for funeral expenses, probate costs, medical expenses, and outstanding debts will come from. In the event that your total assets will not cover the cost of your various debts, it is extremely important to consult with your lawyer about how you can ensure that your beneficiaries will not be saddled with debt from your estate.
2. Real Estate
If you own a home or property, you should outline in your will who will receive ownership of the property, especially if you share your primary residence with a spouse or children. All real estate should be outlined in the will, except for property that you own as a joint tenant with rights of survivorship. Joint tenant properties will automatically pass on to the person you own the property with, so they do not need to be included in a will.
3. Stocks, Bonds & Mutual Funds
Any stocks, bonds, or mutual funds you own that do not fall under the protection of a retirement account can be allocated or pooled and then divided up between each of your beneficiaries.
4. Business Ownership & Assets
If you own a company or a portion of a company, it is important to address who will receive your interest in the business in the will in order to avoid confusion and allow for a smoother transition of ownership. In the event that you do not want to pass on your company to one of your beneficiaries, you can indicate that the company should be dissolved and that the assets should be liquidated with the proceeds being distributed equally amongst your beneficiaries.
Find out what a corporate will is.
5. Other Possessions
Before writing your will, make sure to take into consideration which items you would like to leave to each of your beneficiaries, as well as both the monetary and sentimental value of each of the items.
If you would like to learn more about what assets should be included in a will, or if you are interested in their legal services for wills, estates, and trusts, please contact Linley Welwood at 604-850-6640 or by filling out a contact form on their website.