Creating a will is an essential part of estate planning, as it allows you to determine how your assets will be distributed after you pass away. However, many people are unsure of what types of assets can be included in a will. In this blog post, we will discuss the various types of assets that can be included in a will and provide guidance on how to ensure your wishes are carried out effectively. If you are a New York resident seeking assistance with estate planning matters, Jack Weissman, Attorney at Law is here to help.
Real Estate: One of the most common types of assets included in a will is real estate property. This can include your primary residence, vacation homes, rental properties, or undeveloped land. In your will, you can specify who you want to inherit each property and any specific conditions or instructions for its transfer.
Personal Property: Personal property encompasses items such as jewelry, furniture, vehicles, artwork, and collectibles. You can designate specific individuals to inherit certain items or create a plan for the distribution of these belongings among your beneficiaries.
Financial Assets: Financial assets like bank accounts, investment accounts, retirement funds, stocks, and bonds can also be included in your will. You can name beneficiaries for these accounts or establish trusts to manage these assets on behalf of loved ones.
Business Interests: If you own a business or have shares in a company, you may include these assets in your will as well. It is important to outline how you wish for your business interests to be managed or transferred upon your passing to ensure continuity and stability for the future.
Digital Assets: In today's digital age, it is crucial to consider including digital assets such as social media accounts, online banking information, domain names, and cryptocurrency in your estate plan. Specify who should have access to these accounts and how they should be handled after your death.
Pets: For pet owners concerned about the well-being of their furry companions after they are gone, provisions for pets can also be included in a will. You can designate caregivers for your pets and set aside funds for their care and maintenance.
In conclusion, there are various types of assets that can be included in a will to ensure that your wishes are carried out effectively and efficiently after you pass away. By working with an experienced estate planning attorney like Jack Weissman at Attorney at Law in Brooklyn NY ,you can develop a comprehensive plan that addresses all aspects of your estate and provides peace of mind knowing that your loved ones will be taken care of according to your wishes.
If you reside in New York City and need assistance with creating or updating your will,don't hesitate reach out today!
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