The Essential Guide to Estate Planning: 5 Things Seniors Often Forget to Include in Their Will

Drafting a last will and testament is one of the most critical steps a senior can take to ensure their legacy is preserved and their loved ones are provided for. However, many people view a will as a “set it and forget it” task, often focusing only on major assets like real estate and bank accounts. This oversight can lead to significant legal hurdles, family disputes, and the loss of meaningful possessions.

To provide true peace of mind, a will must be comprehensive, addressing the nuances of modern life that are frequently overlooked. This guide explores the five most common omissions in seniors’ wills and explains why including them is vital for a smooth transition of your estate.

1. Digital Assets and Online Access

In our increasingly digital world, a significant portion of a person’s life and legacy exists online. Seniors often remember physical property but forget that their digital footprint also constitutes part of their estate.

Financial Accounts: This includes online-only banks, PayPal, Venmo, and even cryptocurrency wallets. Without explicit instructions and access information, these funds can remain trapped in digital limbo.
Sentimental Data: Family photos stored in the cloud (like Google Photos or iCloud), social media profiles, and personal blogs hold immense emotional value for heirs.
Digital Executor: Experts recommend appointing a “digital executor” specifically tasked with managing these assets, closing accounts, or preserving digital memories.

2. Personal Belongings with Sentimental Value

While a home or a retirement account may be the most valuable financially, it is often the smaller, sentimental items that spark the most intense family disagreements.

Heirlooms: Items such as jewelry, antique furniture, or even a specific recipe book should be clearly bequeathed to specific individuals.
The “Personal Property Memorandum”: In many jurisdictions, you can reference a separate document in your will that lists smaller items and their intended recipients. This allows you to update the list as you acquire or dispose of items without needing to formally amend the entire will.
Avoiding “Duke It Out” Scenarios: Clearly stating who receives what prevents a legacy of bickering and ensures your cherished items end up in the right hands.

3. Provisions and Care for Pets

For many seniors, pets are considered family members, yet legally they are treated as property. Failing to include them in a will can result in beloved animals being sent to shelters.

Naming a Guardian: You should designate a specific person to take ownership of your pet. It is also wise to name an alternate in case the primary individual is unable to fulfill the role.
Pet Trusts or Funds: While you cannot leave money directly to an animal, you can leave a specific sum to the chosen caregiver to cover food, veterinary bills, and other expenses.
Clear Instructions: Include details about your pet’s medical history, dietary needs, and daily routines to ensure a smooth transition for the animal.

4. Alternate Beneficiaries and Executors

A common mistake is naming only one person for key roles or as the recipient of specific assets. Life is unpredictable, and your first choice may not be available when the time comes.

Contingent Beneficiaries: If your primary beneficiary passes away before you, the gift may fail and default to state law unless an alternate is named.
Backup Executors: The person you choose to manage your estate (the executor) might become ill, move away, or decide they cannot handle the responsibility. Having a successor executor ensures your wishes are carried out without court-appointed delays.
Broadening the Scope: This “Plan B” should be applied to every major provision in the document.

5. Instructions for Debts and Final Expenses

Many seniors assume that their debts will simply “disappear” or that their family already knows their funeral wishes. Lack of clarity here can lead to financial strain and added stress for grieving relatives.

Debt Settlement: Clearly listing outstanding mortgages, credit cards, or personal loans helps your executor settle the estate efficiently.
Funeral and Burial Wishes: Documenting whether you prefer burial or cremation, and any specific service details, provides essential guidance. While these instructions may not always be legally binding, they carry significant weight in guiding family decisions.
Administrative Costs: It is often helpful to set aside funds specifically for the “probate” process—the legal procedure of validating the will—which can involve court fees and legal costs.

Conclusion: The Importance of Regular Updates

The final and perhaps most important thing seniors forget is to update their will. Major life events—such as the birth of a grandchild, a move to a different state, or the passing of a named beneficiary—require immediate revisions to your estate plan.

By addressing these five commonly overlooked areas—digital assets, sentimental items, pets, alternates, and final expenses—you can create a robust document that truly reflects your intentions and protects your family’s future.

Would you like me to create a checklist of these items for your next meeting with an estate attorney?