It’s a fact—nobody likes thinking about what happens when you pass away. But it’s important to do so, especially with the things you want to leave behind. However, not everything in your attic or filing cabinet needs to make the cut. Here are a few things you should leave out of your will and why.
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Outdated Financial Documents
Digging through piles of old bank statements and expired insurance policies isn’t fun, although you have to do it. After all, making sure your paperwork is updated stops your kids from trying to figure things out. You should make it a habit to shred anything that’s no longer relevant so your family won’t have to work out what actually matters.
Personal Debts
Make an effort to talk about personal debts with your children. If you leave any unresolved ones behind, it can cause a number of legal issues and may even force your kids to use some of their inheritance to pay off bills. Do you really want them to do that? You need to make sure you keep records of your debts and their statuses.
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Obsolete Electronics
Despite what you might think, that old flip phone from 2003 or that massive rear-projection TV in the basement are just old pieces of tech. Outdated electronics aren’t helpful and can actually be a pain to dispose of. As such, you should save your kids the trip to the recycling center by handling it yourself, which could even free up some space at home. Why wait? Clean it out now!
Expired Medications
Check your medicine cabinet for anything past its prime because old prescriptions can be confusing or even dangerous if they get mixed up. You should clear out and safely dispose of any medications you don’t need anymore to keep everyone safe. Better yet, it’ll help your loved ones avoid the risk of these items falling into the wrong hands.
Old Paints and Chemicals
That half-empty can of paint or those old cleaning chemicals under the sink need to go, mostly because they’re a real hazard. Plus, getting rid of them now will stop your kids from dealing with any potentially dangerous leaks or finding a proper disposal site. It’ll also make your garage or shed look a lot tidier—a win-win!
Excessive Personal Collections
Whether it’s stamps or coins, you should think about whether your kids will share your passion. If you’re not sure whether they will, then maybe it’s time to find a new home for these treasures. After all, it’ll save your children the task of figuring out what to do with them and you might even make a little more on the side by selling some of those collectibles.
Undesignated Sentimental Items
We all have those special items that mean the world to us. So, to avoid any sibling squabbles after you’re gone, make a list of who gets what, or maybe try gifting those items. Making sure you’ve labeled each one will help avoid any disagreements. You’ll also get to see the happiness they bring your loved ones now.
Complicated Business Holdings
Anyone who’s lucky enough to have business interests should sort them out beforehand, no matter if that’s a succession plan or clear instructions for sale. Doing it now will cut down on the stress & potential issues with your children. Being clear with your business assets will make sure that your legacy supports – rather than burdens – your family.
Out-of-Date Legal Documents
That will or trust you set up 20 years ago? Yeah, it’s not so relevant anymore. You need to update any legal documents so that everyone knows what you actually want. It’ll also help you avoid any potential legal battles and give your family one less thing to worry about during a tough time.
Unresolved Insurance Policies
Old insurance policies that have expired or lapsed are only ever going to cause issues, so keep your policies in check. You should also make sure that all beneficiary information is up-to-date. This way, your kids can claim what’s rightfully theirs and your policy benefits will go exactly where you want them to.
Unused Gym Memberships or Subscriptions
Any automatic renewals you have can be annoying but they’re twice as bad for your estate, especially since they can be so complicated. So, cancel any subscriptions that you’re not using. Who needs to pay for something they’re not even using? Get a handle on these now so that your wallet, and theirs, can breathe a little easier.
Non-Digital Photos and Documents
You may also want to try scanning old family photos and important papers since physical versions deteriorate over time. Better yet, digital copies are easier to share with other people, so you can preserve them for future generations. Instead of just keeping memories alive, you’re giving the whole family a gift!
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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