5 Types of Assets You Didn’t Know Could Be Covered in Your Will

While it’s common knowledge that your real estate property, bank accounts, and vehicles can be covered in your Will, a few lesser-known assets may sound surprising to hear but can also be included in your Will.

In this blog, we’ll be exploring those assets, providing you with more clarity.

1. Intellectual property

Do you hold copyrights, trademarks, or patents for any creative or innovative work? Your intellectual property too is considered a valuable asset that can be passed down to your beneficiaries through your Will. Whether it is a book you’ve written, any artwork that you’ve created, or a business logo you’ve designed, specifying the ownership and distribution of these rights in your Will ensures that your legacy is protected and passed on to your selected heir.

2. Cryptocurrency

As digital currencies like Bitcoin gain increasing popularity as the new currencies of the digital world, more and more people are investing in cryptocurrency as part of their financial portfolios. However, many individuals overlook the importance of including these assets in the Will planning. By including specific and clear instructions for the transfer or disposal of your cryptocurrency holdings in your Will, you can prevent potential confusion and make sure that your cryptocurrencies are distributed as per your choices.

3. Gratuity Funds

Another surprising asset you can include in your Will is your gratuity amount, along with your other assets and properties. This guarantees that, after your death, the gratuity funds will be allocated according to your wishes. You can maintain control over the gratuity distributed even after your death by designating how you want it to be distributed among your nominated beneficiaries. By putting gratuity in your Will, you give your loved ones peace of mind and assurance that even your gratuity funds will be handled according to your wishes.

4. Personal Mementos

Lastly, we cannot downplay the sentimental value of personal mementos such as family heirlooms, collectibles, or sentimental items passed down through generations. While these items may not hold significant monetary value, without a doubt, they can carry great emotional significance for your loved ones. By assigning specific beneficiaries for these items in your Will, you can make sure that these belongings are cherished and protected for future generations, maintaining your family’s legacy and heritage.

5. Digital Accounts

In today’s digital age, everyone’s online presence without a doubt has increased. From social media accounts to email addresses and digital albums, our use of the digital footprint is certainly vast. Including instructions for managing these accounts in your Will ensures that your digital accounts are handled according to your preference. So if you want to ensure that your digital footprints are in the right hands, you can include your digital accounts like social media accounts, emails, and portfolios in your Will.

Conclusion

Writing a Will is about more than just distributing your financial assets. By considering these five surprising assets in your Will, you can be sure all your digital, financial, intellectual, and personal assets are accounted for and distributed in the way you want!

If you wish for a hassle-free and smooth Will-writing process in the UAE, it is advisable to take the time to consult with legal professionals at Legal Inz so that you can make sure that your wishes are accurately documented and legally binding. By doing so, you can provide your loved ones with a sense of clarity and peace of mind during a challenging time, ensuring that your legacy lives on for years to come.