5 Essential Elements Every Utahn Should Include in Their Will

I recently spoke with my nephew, who works in the funeral industry, about what we Utahns often miss when creating our last will and testament. His insights were eye-opening, and he pointed me to this article for some ideas. As we start a new year here are the five essential elements every Utahn should include in their will:

1. Digital Legacy Instructions

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Many of us overlook our online presence. It's crucial to provide instructions for accessing online bank and brokerage accounts, social media accounts, and blockchain assets. Keep password lists updated and log digital assets in an inventory. Designate an executor to manage your digital legacy, and specify whether you want accounts to be frozen, shut down, or continued by someone else, especially for entity social media pages.

2. Personal Letters and Mementos

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We often see relatives in movies writing special letters to survivors, but we tend to overlook this option in real life. Writing personal letters for your loved ones to read after your passing is vital. Leave instructions for distributing personal mementos and consider the significance of each item or letter when choosing its recipient.

3. Subscriptions and Memberships

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Creating a list of all active subscriptions and memberships to be canceled or transferred is a favor to your family. Include instructions on handling loyalty points and designating beneficiaries for memberships with significant value or transferability.

4. Business Ownership Instructions

Utah is well known for its small business owners. Writing a will is crucial if you own a business. Leave instructions for its transfer in your will to prevent your business from being subject to state laws and to avoid additional legal fees and court time for your family. Also, any intellectual properties that you might have like Dave's book (linked above).

5. Educational Trusts and Funeral Arrangements

Educational trusts ensure your children or grandchildren can access funds for college. You can also leave funds for education in your will, with criteria for their use and instructions for reallocation if not used. Additionally, include detailed preferences for your funeral arrangements, including the location and type of service. Prepaying for funeral arrangements or burial plots will ease the financial burden on your family.

As we start another new year, maybe this is a time to take some time and get some of these details in order just in case.