A will serves as your voice after death, letting you direct who receives your property and how others should handle your affairs. Knowing which assets you can include in this document ensures that you don’t overlook valuable property. It also helps you avoid legal complications with certain assets. This understanding will help you create a will that truly works as intended, saving your loved ones from potential confusion or conflicts later.
Real estate and physical property
You can include various types of property in your will, such as:
- The house where you primarily live and any surrounding property you own
- Any vacation homes, rental properties or any secondary residences you own for leisure or investment
- Undeveloped land or farming property
- Commercial real estate holdings
Take note that if you’re married, certain restrictions apply to marital property. For example, you cannot put property held as “tenants by the entirety” with your spouse in your will, as it automatically passes to the surviving spouse.
Financial assets
You can use your will to distribute your financial assets, including:
- Any checking, savings and time-deposit bank accounts you maintain
- Stocks, mutual funds and investment portfolios
- Government and corporate bonds
- Business ownership interests and partnerships
Your will can’t control certain financial accounts that have their own beneficiary forms. These include retirement accounts (like 401(k)s and IRAs), life insurance policies and investment accounts with “transfer on death” designations. The beneficiary form takes priority over your will because it creates a direct transfer upon death.
Digital assets
Pennsylvania law now recognizes digital assets in estate planning, thanks to the Revised Uniform Fiduciary Access to Digital Assets Act. Digital assets can include:
- Social media accounts and email
- Cryptocurrency and digital payment accounts
- Online banking and investment profiles
- Digital media libraries
It’s important to know that access to these accounts may still be subject to each platform’s terms of service agreements. You should clearly identify these assets and provide access instructions to ensure your digital legacy remains protected.
Protect what matters most
Estate planning is about more than just listing assets – it’s about protecting your family’s future. An estate planning attorney can help you create a will that protects your loved ones and gives you peace of mind.
