A will allows you to direct who will inherit your assets and property, including real estate, vehicles, family businesses, jewelry and heirlooms. It should also address less-obvious property, such as digital assets and cryptocurrency. Click through to understand the information you need to gather before drafting a will.

Preparing a will begins with taking inventory. Start by identifying who you want to inherit from you. Consider recent life events such as births, deaths, marriages and divorces. You might also expand the list to include friends, community members or nonprofit organizations.

Next, determine what you intend to leave to each person or organization. This could include homes, vehicles, business interests, retirement accounts, life insurance policies, personal property or family heirlooms. Don't forget to consider digital assets, such as cryptocurrency, digital rights and online betting accounts. It's also wise to review rewards programs to see if they can be transferred.

This review of your financial status should include your debts. Mortgages, car loans, credit card balances, student loans, personal loans and outstanding taxes may affect your estate planning decisions. Additionally, anticipate future expenses related to your death, such as funeral costs, probate fees and tax obligations.

It's important to remember that only property you own individually can be left to others. Assets held jointly with a spouse or another person generally pass automatically to the surviving owner and cannot be redirected by your will.

A final core decision is choosing the person to manage your estate. This person, known as your executor, will be named in your will and will be responsible for administering the estate and carrying out your instructions. This role requires organization, reliability and a willingness to serve. It can be filled by a family member, a trusted friend or a professional. Naming an alternate executor is advisable in case your primary choice is unable or unwilling to act.

Family considerations

A valid will should clearly express your intent, identify beneficiaries and formally appoint an executor. If you have minor children or children with special needs, you should also use your will to name a guardian to care for them. You may wish to designate someone to manage the property your children inherit until they reach the age of majority. These decisions are among the most important elements of a will and should be made carefully.

You may also want to name contingent beneficiaries in case a primary beneficiary is unable or unwilling to inherit. Additionally, consider designating residuary beneficiaries to receive any remaining assets after specific gifts, debts, expenses and taxes have been satisfied.

Digital assets and records

Digital assets require special attention. These may include online financial accounts, cryptocurrency, nonfungible tokens, digital intellectual property rights, email and social media accounts, domain names and stored photos or videos. Access can be complicated by passwords, encryption and platform access rules.

Make a secure list of digital assets and access information and ensure that trusted individuals know where to find it. Consider whether family members will be able to access encrypted devices or accounts without passcodes. Important documents and digital records, such as scanned statements, birth certificates, insurance policies, passwords and tax records, should be backed up securely, whether on local storage or through a reputable online vault.

Legal requirements and storage

Once your information is assembled, you are ready to write a will. Ensure that your will complies with your state's legal requirements for execution, which helps prevent fraud and reduces the risk of disputes over authenticity. While online templates and downloaded forms can be a starting point, they may not account for state-specific rules governing witnesses, notarization and other legalities. Because these requirements vary by state and can change over time, relying on a generic form may leave your will unenforceable or vulnerable to challenge.

After you've written your will, store it in a safe location and be sure that appropriate individuals know where to find it. Revisit the document periodically to confirm that it continues to reflect your wishes, particularly after major life events. Setting a regular reminder, such as reviewing it on your birthday, can help you ensure it stays current.

Working with an attorney can help ensure that your will complies with changing laws, that necessary consents are properly documented and that fiduciaries are granted appropriate authority, including access to digital assets when permitted by law.