What to Include in a Will: Assets and Property

As you decide what to put in your will, think about the assets you own, how you own them, and any legal rules that could affect how you pass them on. If you plan to leave everything to a single person or group, you may not need to go through this process. But you’ll want to read through the following list of assets to put in a will if either of the following is true:

• You are married or in a registered domestic partnership, and you plan to name someone other than your spouse or partner to receive all or most of your property. This includes everyone who has not received a final decree of divorce or dissolution.
• You plan to leave specific items of property to specific people or organizations.

Assets To Include in Your Will

Here is a list of what to put in your will. It ranges from clothing and furniture to money, your home, digital property, business assets, and even pets.

Personal Items

When creating a will, you can typically group your personal belongings together, unless something is especially valuable or meaningful. Here are some examples of personal property you might want to include:

• automobiles, trucks, and recreational vehicles
• planes, boats, and other vehicles
• household goods
• valuable clothing, jewelry, and furs
• collectibles, including artworks and antiques
• tools and equipment
• livestock or other valuable animals (but see “Pets,” below)
• money owed to you
• death benefits
• life insurance

Household Furnishings

Household furnishings count as personal property. Like other personal items, you don’t have to list each one unless something is especially valuable or important. You can simply note where the items are, such as “all household furnishings and possessions at 34 Mountain Avenue.”

Real Estate

When thinking about things to include in a will, include all real estate you own, providing the street address or, for unimproved property, the name by which it is commonly known. Remember to include:

• your residence
• other homes
• rental or commercial property
• undeveloped land

You don’t have to include the full legal description from the deed, but it helps to tell your executor where you keep the deeds and other important papers.

Bank Accounts and Cash

If you have a large sum of cash stashed somewhere, include it in your will and let your executor know where to find it. You should also include:

• checking accounts
• savings and money market accounts
• certificates of deposit
• alternative currencies, such as local currencies or barter units (cryptocurrencies are considered digital assets, see below)
• precious metals

List your financial accounts with enough detail so they can be identified, but don’t include the full account number in your will. Wills that go through probate become public documents; therefore, it is essential to protect sensitive information.

Also, there may be exceptions to the accounts you should leave in your will. Jointly owned accounts or accounts for which you’ve separately named a beneficiary will pass outside your will, free of probate. We discuss this in more detail below.

Investment Accounts

Your investment accounts may include any of the following:

• mutual funds
• listed and unlisted stocks
• government, corporate, and municipal bonds
• annuities

As with other accounts, give enough details to identify them, but leave out anything you wouldn’t want to share publicly.

You may wonder why retirement plans aren’t on this list. That’s because you should have named a beneficiary for these accounts when you set them up. The same may be true of other investment accounts. If you’ve already named a beneficiary, you shouldn’t include the account in your will. See below to learn more.

Digital Assets

"Digital assets" is a broad term that encompasses a range of electronic records, including social media accounts, digital photos, email, and online financial accounts. You can pass some types of digital assets through your will, but most digital assets transfer in other ways or not at all.

Digital assets that can pass through your will include any you own that have monetary or tangible value. Here are some examples:

• funds in a PayPal account
• funds owed to you by an online store like Amazon or Etsy
• cryptocurrencies, like bitcoin
• digital music or photos that you own and store on your computer's hard drive
• frequent flyer miles (depending on the policy of the issuing company)

You might also be able to include digital assets you’ve licensed, like a domain name or copyright, but this depends on the terms of your agreement. Check your contracts and talk to a lawyer if you’re unsure.

Business Assets

If you have an ownership interest in a business, you may already have set up a plan for what happens when you die. For example, a partnership or shareholder agreement may direct what happens to your share. If not, and you don't leave a will directing who should inherit it, state law will make the decision for you.

Here are some types of business personal property to consider:

• business ownerships (partnerships, sole proprietorships, limited partnerships, limited liability companies, corporations)
• intellectual property (domain names, patents, copyrights, trademarks, royalties)
• Miscellaneous receivables (mortgages, deeds of trust, or promissory notes held by you; any rents due from income property you own; and payments due for professional or personal services or property sold by you for which you have not been fully paid by the purchaser)

Creating a will is a good time to review or set up plans for transferring your business assets. If you don’t have a plan yet, consider making one now. Having a clear plan can help prevent stress later on.

Pets

For most people, our pets are family. The law, however, says they’re property. That means you should include them in your will. You can leave your pet to someone who has agreed to care for them. You can also include care instructions and a gift of money to cover expenses. In most states, you can also create a "pet trust" to set up a legal obligation to care for your pet after you die.

Assets You Should Not Include in Your Will

It might seem obvious, but you can only leave property in your will if you actually own it. That’s why it’s important to understand how you own shared property. Also, property you own shouldn’t go through your will if you’ve already arranged to leave it another way. (There’s an exception in Washington, which we cover below.)

Jointly Owned Property

If you hold property in joint tenancy, tenancy by the entirety, or community property with right of survivorship, your share of that property automatically belongs to the surviving co-owner after you die. A will provision leaving your share would have no effect unless all co-owners die simultaneously.

Trust Property

Property you place in a trust passes automatically to the beneficiary named in the trust document; you cannot pass this property in your will. This includes property placed in a revocable living trust.

Property With a Named Beneficiary

There are many ways to pass property without a will or trust. Your will shouldn’t include any type of property on this list.

• Money in a pay-on-death (POD) bank account. To change your beneficiary, contact the financial institution.
• Property held in transfer-on-death (TOD) form. This may include stocks, bonds, and—in a handful of states—real estate or vehicles. To change the beneficiary, you'll need to complete a new beneficiary form or update the deed or title document.
• Proceeds of a life insurance or annuity policy for which you've named a beneficiary. To make changes, contact the insurance company.
• Money in a pension plan, individual retirement account (IRA), 401(k) plan, or other retirement plan. You name the beneficiary on forms provided by the account administrator.

Foreign Property

If you own property in another country, you may be able to leave it through your will, but it’s best to get help from an attorney for your estate plan. The laws in that country could affect how your property is passed on and might impact your estate’s taxes. Look for a lawyer who is familiar with foreign property, as they’ll need to understand both local and international laws. If necessary, your lawyer can also work with someone in that country to ensure everything is handled properly.

Frozen Embryos and Other Genetic Material

If you have frozen embryos, eggs, or sperm in storage, what will happen to them if you die? You may have already made a decision about this (knowingly or not) because fertility clinic and storage facility contracts often include provisions for what will happen to embryos and other genetic material if a parent or donor dies. If no plan is in place and you want to create one, consult an attorney before putting anything in your will. The law about who has the right to own, transfer, use, or destroy embryos and genetic materials is relatively new. You'll need to find an attorney who is current with your state’s law.

Learn More About Wills

For more information about wills, see the following articles:

• Why Do You Need a Will?
• Different Types of Wills
• How to Make a Will

You can find out more about making WillMaker’s will and living trust in WillMaker’s Legal Manual.