5 Things for Baby Boomers to Include in Their Wills

5 things baby boomers should include in their will

What are 5 things Baby Boomers should include in their will?

Creating a will is an important part of estate planning for Baby Boomers. While the specifics of what should be included can vary based on individual circumstances, here are five common elements that ChatGPT states Baby Boomers should consider including:

Beneficiary Designations

Baby Boomers should clearly specify who will inherit their assets, including financial accounts, real estate, vehicles, and personal possessions.  This can include family members, friends, charities, or other organizations.

Executor Selection

Baby Boomers should appoint an executor to carry out the instructions outlined in their will. This person will be responsible for managing the estate, paying debts and taxes, distributing assets to beneficiaries, and handling any legal proceedings that may arise.

Guardianship of Minor Children

For Baby Boomers who have minor children or grandchildren, it’s crucial to designate guardianship in their will. This ensures that there’s a plan in place for the care and upbringing of any dependents in the event of their passing.

Special Instructions or Wishes

Baby Boomers may want to include any specific instructions or wishes they have regarding their estate or personal affairs. This could include preferences for funeral arrangements, the distribution of sentimental items, or the establishment of trusts for specific purposes, such as education or charitable giving.

Digital Assets and Online Accounts

In today’s digital age, it’s important to address digital assets and online accounts in a will. Baby Boomers should provide instructions for accessing and managing digital assets, such as email accounts, social media profiles, cryptocurrency holdings, and digital photo libraries, as well as any wishes regarding their disposition or transfer.

It’s essential for Baby Boomers to consult with legal and financial professionals when drafting their will to ensure that it accurately reflects their wishes and complies with applicable laws and regulations.  Additionally, wills should be regularly reviewed and updated to reflect any changes in circumstances or preferences.

Next Steps

While ChatGPT is great – and fun to use, there is no substitute for legal guidance when creating such an important document.  Our first suggestion is to begin collecting information on your family and also collecting information on yourself in the Ultimate Life Binder.

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