There are so many variables involved in estate planning that you may miss a few details. Some items may seem insignificant now but may become important to your loved ones in the future. Below are some things people often forget when planning their estate.
Alternative beneficiaries or executors
If your primary beneficiary or executor becomes ill, cannot manage the asset properly, or passes away, an alternate can take their place. Otherwise, the state may divide your assets based on intestate rules.
It can be uncomfortable to think about your death. However, decisions on what kind of medical intervention you prefer can help guide your loved ones on what to do when complications arise. Some end-of-life decisions to consider include:
- Medications to avoid
- Whether to be kept alive by a ventilator or machine
- Donating organs
Have a conversation with at least one family member to make sure your preferences and end-of-life wishes are clear.
Most people consider pets to be family. However, you cannot leave assets directly to your pet. Instead, you may want to include who their caretaker should be and a budget to help cover your pet’s expenses. This way, you can ensure your pet does not end up in a shelter.
Acquiring different types of digital assets has become a regular part of our lives. You likely have several social media accounts, online subscriptions, and photos and videos on your phone. You may also have investments in crypto, NFTs, and stocks.
While some digital assets may not have monetary value, your loved ones may still appreciate them for their sentimental value. Write down your login information and how you want your beneficiaries to manage your digital assets.
Some family heirlooms may not be worth anything financially, but can hold sentimental value. Going through your will can be an emotionally charged time. Specifying which members receive each item can help avoid confusion and conflict during this difficult time.
There is a lot to consider when you are estate planning, but it pays to remember the small things. Including as much instruction and specific details as possible in your will may help avoid misunderstandings. Working with a knowledgeable estate planning attorney can help you build a clear and concise will and estate plan.