The basis of any great estate plan is a last will and testament. However, in addition to dividing assets and leaving inheritances, there's a lot more to this document than you might have known. Here are three elements to add to your will when estate planning.

What Details Should You Include in Your Will?

1. Debts

If anyone still owes you money when you pass away, they will still be responsible for paying off the debt. However, many adults make arrangements when they're estate planning to cancel such financial obligations when they die. If you don't clarify this in the will, the individual or entity will then owe the debt to your surviving family or those who inherited the estate.

2. Guardian for Children & Pets

An essential aspect of a will is to name a guardian for your children, should they still be minors when you pass away. Before stipulating this detail in the document, choose a responsible and nurturing individual willing to take on this task. 

If you have pets when you pass away, you can also establish a new owner for them. Otherwise, they will pass to the next-of-kin, who may not be the ideal guardian you had in mind.

3. Remaining Assets

A will needs to allocate various personal assets and real property among friends, family, and loved ones. However, after a long life, you will have acquired plenty of items, and it's not possible to mention every single one in an estate plan. Luckily, wills can establish a blanket rule for all remaining assets without specified beneficiaries. You may want to leave these items for a spouse or child, but you can also have them donated to a charity.

If you're interested in drafting a last will and testament, turn to Ng & Niebling of Honolulu, HI, for guidance. They have over 40 years of experience providing estate planning services to residents throughout Oahu. In addition to wills, they can also help set aside property in a trust or establish a power of attorney for any medical or financial matters. Call (808) 732-7788 to schedule a free initial consultation.