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12 Things To Include in Your Will (Some Practical, Some Sentimental)

You can’t take it with you when you go — but what do your kids really want when you die?

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Updated Oct. 27, 2024
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One of the surprising financial mistakes many people make is putting off creating an estate plan.

If you've done the work to create a good life and want to share it with loved ones, you need to decide what will happen to assets after you are gone.

Are you ready to get down to business and create an estate plan? If so, here is a list of the best things you can will to your children.

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Cash

SkyLine/Adobe us hundred dollar banknotes

Cash is king in most situations, and inheritance is no different. Cash comes with a value that is easily determined.

It is also easily divided, making it an easy asset to give to your children equally. Cash will benefit your heirs immediately, especially in comparison to other physical assets that may take time to sell.

Roth IRA

Andrii/Adobe Conceptual handwritten text showing ROTH IRA

A Roth IRA is a type of investment account that is funded with post-tax dollars. That means when you give a Roth to your kids, they will receive the funds tax-free.

Your kids can let the money continue to grow tax-free for up to 10 years. At that point, all the money must be distributed from the Roth IRA.

Real estate

Monkey Business/Adobe happy family outside home for rent

While real estate is a difficult asset to split among your kids, it can be a great investment to pass on, especially if your children can earn rental income from it.

Rental real estate can offer a steady stream of passive income to your children. Real estate is considered a good long term investment that can benefit heirs for years after you are gone.

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Annuities

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Annuities typically provide guaranteed retirement income for the length of your life. Not all annuities provide a death benefit, but those that do can be passed down to heirs.

If the annuity is structured in the right way, you can assign your children to receive a monetary sum when you die. Annuities can also offer tax benefits, saving your heirs money in the long run.

Brokerage accounts

Daenin/Adobe colleagues discussing business plan at work

Stocks, bonds, and mutual funds in a brokerage account are attractive items to include in your children’s inheritance.

The investments in brokerage accounts can be easily transferred and split among children. The monetary value is already determined based on the current market value. Your heirs can continue to let the investments grow or cash them out.

Sentimental items

alfa27/Adobe Grandfather and grandson watching family album

Not all inheritance has monetary value. Sentimental items such as pictures, letters, and scrapbooks are irreplaceable to family members.

Of course, photos and paper age and show wear after several years. Try digitizing these sentimental items so you can share the memories with multiple children and preserve them for future generations.

Art and antiques

Ekaterina Pokrovsky/Adobe Antique dishware for sale on flea market

Collectibles such as art and antiques can be a good long-term investment because they hold their value well over time. These markets don’t tend to fluctuate as much as the stock market.

Don’t forget to protect these items. Have them professionally appraised and properly insured.

Tools

Andrey Popov/Adobe power tools on wooden desk

Tools are a practical item to leave to children. It’s likely that as they grow up, your kids will have homes of their own they need to fix and maintain. High-quality tools can last decades and prove useful during a home renovation project.

While your kids may not need a basic hammer or screwdriver, something large like a table saw is definitely worth adding to your will.

Recipes

Drazen/Adobe woman cooking while reading recipe on tablet

Family recipes are meant to be preserved for decades to come. Food is often the center of family gatherings and traditions, so it only makes sense to include recipes in your will.

Recipes are not only sentimental, but a practical way to keep your memory alive once you are gone.

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Furniture

Iriana Shiyan/Adobe luxury living room with stone fireplace

Depending on your kids’ age and living situation, they may be interested in inheriting your furniture. Couches or accent furniture can enhance almost any home.

Some furniture items may be desired for sentimental value, like Grandpa’s rocking chair or a handmade cradle that you can use for future babies.

Businesses

Lumos sp/Adobe friendly colleagues posing together at work

Families often pass down businesses due to retirement rather than death. But it is also possible that someone will work right up to the day they die. In such instances, your children might want to inherit the company.

A profitable, well-run business is a valuable inheritance, not only because of its monetary value, but also because it produces a steady income stream for your kids. This can benefit your family for generations to come.

Life Insurance

Rawpixel.com/Adobe indian family reviewing insurance policy on tablet

Parents looking to load up their kids with cash should consider purchasing life insurance. Life insurance paid out upon death is not considered taxable income and can help set your kids up for a financially sound future.

If your children are named as beneficiaries on your policy, their payout will also skip probate and go directly to them, helping them build wealth quickly.

Bottom line

imtmphoto/Adobe happy asian daughter hugging father on couch

A well-crafted estate plan can eliminate some money stress for both you and your heirs. While planning ahead for the end of your life may seem grim, doing so can give you the confidence of knowing your loved ones will be well cared for after your death.

Share the will and estate plan with your children while you are still around so you can prevent any confusion or arguments over your decisions.

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Author Details

Holly Humbert

Holly is a writer who recognizes that there isn't a one-size-fits-all approach to personal finance. She is passionate about entrepreneurship, women in business, and financial literacy. With more than four years of experience, her work has been featured on MarketWatch and The Ways to Wealth.