The Comprehensive Checklist of Assets People Forget in Their Wills

Creating a will is a responsible and thoughtful step to protect your loved ones and ensure your wishes are followed. While most people remember to include major assets like their house and savings accounts, a surprising number of valuable and sentimental items are often overlooked. This guide will help you discover these commonly forgotten assets so you can plan smarter.

Why a Complete Will Matters

A will is more than just a document; it’s a final set of instructions that can prevent confusion, family disputes, and legal complications for your heirs. When assets are left out, they fall into what’s known as the “residuary estate.” These assets are then distributed according to state law (intestacy laws) or a general clause in your will, which may not align with your specific intentions. By creating a comprehensive inventory, you ensure every asset, big or small, goes exactly where you want it to.

Let’s explore the categories of assets that are most frequently forgotten.

1. Digital Assets and Online Accounts

In today’s world, a significant portion of our lives and wealth exists online. These digital assets are among the most commonly overlooked items in estate planning, yet they can hold immense financial and sentimental value.

• Cryptocurrency: Holdings in Bitcoin, Ethereum, or other digital currencies stored in online exchanges or private digital wallets can be lost forever if your executor doesn’t have the keys or passwords.
• Domain Names and Websites: If you own a domain name through a service like GoDaddy or run a blog or e-commerce store on a platform like Shopify, these are valuable assets. They can be sold or transferred.
• Social Media and Email Accounts: You should provide instructions on whether you want accounts on platforms like Facebook, Instagram, or LinkedIn to be memorialized or deleted. Your executor will need access to manage this.
• Digital Files: This includes family photos stored in the cloud (like iCloud or Google Photos), important documents, and creative work. Without access instructions, these precious memories could be permanently lost.

2. Loyalty Programs and Reward Points

Many people accumulate a substantial number of points from credit cards, airlines, and hotels over the years. These points can be worth thousands of dollars in travel or merchandise but are often forgotten.

• Airline Miles: Programs like American Airlines AAdvantage or Delta SkyMiles often have policies allowing for the transfer of miles upon death, though they may require specific documentation.
• Hotel Points: Chains such as Marriott Bonvoy and Hilton Honors have similar transfer policies. Check the terms and conditions for each program you are a part of.
• Credit Card Rewards: Points from programs like Chase Ultimate Rewards or American Express Membership Rewards can often be redeemed for cash or gift cards by your estate.

It’s crucial to list these accounts and any associated membership numbers in your asset inventory for your executor.

3. Intellectual Property

If you are a creator, your intellectual property is a valuable asset that can provide income long after you are gone. These intangible assets are easy to forget.

• Royalties: Income from books, music, or photography is a key asset. Ensure your will specifies who should receive these future royalty payments.
• Patents and Trademarks: If you have registered a patent for an invention or a trademark for a business, these have value and can be sold or licensed by your heirs.

4. Contents of a Safe Deposit Box

A safe deposit box is designed for security, but that same security can make it difficult for your heirs to access if they don’t know it exists. Your will should not only mention the existence of the box but also its location (the specific bank and branch) and where to find the key. While you shouldn’t put your original will inside the box (as it may be sealed upon your death), you should list its contents in your personal inventory.

5. Loans Made to Others

Did you lend money to a friend or family member? If this loan isn’t formally documented, your executor will have no way of knowing about it or collecting the debt on behalf of your estate. If you wish to forgive the loan upon your death, your will is the perfect place to state that explicitly. Otherwise, provide documentation of the loan so your estate can treat it as an asset.

6. Collectibles and Sentimental Items

While you may know the value of your stamp collection, antique furniture, or art, your family might not. These items can be overlooked or undervalued.

• Collections: Provide a detailed list of any valuable collections, including appraisals if you have them. This helps your executor understand their true worth.
• Sentimental Items: A will can also be used to pass down items of purely sentimental value. Specifying who gets grandfather’s watch or a cherished set of photo albums can prevent arguments and ensure your wishes are honored. For a long list of personal items, you can often use a “personal property memorandum,” a separate document referenced in your will.

7. Miscellaneous Tangible Assets

Some assets are forgotten simply because they aren’t stored at your primary residence.

• Vehicles in Storage: A classic car in a rented garage, a boat docked at a marina, or an RV at a storage facility can be easily missed.
• Cemetery Plots: Many people purchase burial plots years in advance and forget to include them in their estate planning documents.
• Club Memberships: Some memberships, like those for a golf or country club, may have a resale value and can be transferred or sold by your estate.

How to Plan Smarter Today: Creating Your Asset Inventory

To ensure nothing is forgotten, the best step you can take is to create a detailed asset inventory. This document, which you should keep with your will, lists everything you own.

1. Start a Master List: Go room by room and list everything of financial or sentimental value. Then, expand this to include financial accounts, digital assets, and property stored elsewhere.
2. Include Key Details: For each item, list account numbers, login credentials, passwords, and locations. For digital assets, consider using a secure password manager and providing your executor with master access.
3. Appoint a Digital Executor: Consider naming a “digital executor” in your will. This is someone you trust to manage your online presence and digital assets according to your wishes.
4. Review and Update Regularly: Life changes, and so do your assets. Review your will and your asset inventory every three to five years, or after any major life event like a marriage, divorce, birth of a child, or significant purchase.

Frequently Asked Questions

What happens to an asset if it’s not in my will? If an asset is not specifically bequeathed, it becomes part of your “residuary estate.” This is a catch-all category for leftover assets. Your will should have a residuary clause naming a beneficiary for this remainder. If it doesn’t, those assets will be distributed according to your state’s intestacy laws, which may not be what you wanted.

Do I need to list every single item I own, like my furniture and clothes? No, you don’t need to list every single item. You can typically group these together as “household contents” or “personal effects” and leave them to a specific person or group of people. For specific items with significant sentimental or financial value, it’s best to list them individually.

Is it safe to list passwords in a document? Listing passwords directly in your will is not recommended, as a will becomes a public document once it goes through probate. A better solution is to use a secure password manager and provide instructions for your executor on how to access the master password. Alternatively, you can store a list of passwords in a safe deposit box or with your attorney.