Rational, fine tuning of magnetic anisotropy is critical to obtain new coordination compounds with enhanced single molecule magnet properties. For mononuclear transition metal complexes, the largest contribution to zero-field splitting is usually related to the excited states of the same spin as the ground level. Thus, the contribution of lower multiplicity roots tends to be overlooked due to its lower magnitude. In this article, we explore the role of lower multiplicity excited states in zero-field splitting parameters in model structures of Fe(II) and Co(II). Model aquo complexes with coordination numbers ranging from 2 to 6 were constructed. The magnetic anisotropy was calculated by state of the art ab initio methodologies, including spin-orbit coupling effects. For non-degenerate ground states, contributions to the zero-field splitting parameter (D) from highest and lower multiplicity roots were of the same sign. In addition, their relative magnitude was in a relatively narrow range, irrespective of the coordination geometry. For degenerate ground states, the contribution from lower multiplicity roots was significantly smaller. Results are rationalized in terms of general expressions for D and are expected to be reasonably transferable to real molecular systems.