Estate planning is the important process of deciding how your affairs will be handled when you’re gone or incapacitated. It requires meticulous attention to detail aimed at addressing every aspect of your estate.
Additionally, it’s important to consider are several commonly overlooked estate planning topics. Otherwise, it may be tougher to ensure that your wishes are fully documented and carried out effectively.
Digital assets and accounts
Your estate is not limited to physical assets and financial accounts alone; in today’s digital age, it’s important to consider your digital assets and accounts as well. These may include online bank accounts, investment portfolios, social media profiles, email accounts, digital photos and videos, cryptocurrency holdings and any other online accounts or files containing valuable information or assets. Many people overlook the importance of including these digital assets in their estate planning, which can lead to complications or even loss of access to important accounts or assets for loved ones after their passing.
Pet planning
Many people tend to forget about making arrangements for their pets in their estate plans. Pets are beloved members of the family for many individuals, yet without proper planning, their care and well-being could be uncertain after their owner’s passing. To address this, individuals should consider including provisions for their pets in their estate plans, such as naming a guardian or caretaker for them, specifying funds for their care and expenses, outlining their dietary and medical needs and providing instructions for their future care.
Incapacity planning
While you may plan for what will happen to your assets after your passing, it’s equally important to consider what will happen if you become incapacitated and unable to make decisions for yourself during your lifetime. Many individuals overlook incapacity planning in their estate plans, assuming that it won’t be necessary or simply forgetting to address it. However, incapacity planning allows you to designate trusted individuals to make medical and financial decisions on your behalf if you become unable to do so yourself.
The estate planning process is an indispensable step in ensuring that your wishes are carried out effectively. You’ll want to strongly consider seeking legal guidance to help ensure that your plan is tailored to your unique circumstances and covers all necessary aspects of your needs and wishes comprehensively.