Creating an estate plan may not be the most exciting task, it is certainly an important one. It ensures that your final wishes are carried out and that your assets go to the right people when you die. With that being said, here are some common things that people often forget in their estate plan.
Physical property, like real estate and vehicles, aren’t the only type of property you should include in your estate plan. It is also important to include digital assets, such as websites and online accounts, which may have economic value. Facebook and social media accounts may also be important to include, as your family members may want to close them after you are gone. Remember to include your usernames and passwords for all of your online accounts.
While most people know that you have to appoint an executor to carry out the wishes of your will after you die, not everyone realizes that they also should appoint alternate executors. If the original executor won’t be able fulfill the duties anymore, you at least know that there are alternate executors to take his or her place.
Arrangements for Pets
Your minor children are not the only ones who need caregivers after you are gone. If you have pets, you want to ensure that they are taken care of if something unexpected should happen. In your estate plan, it is important to name the person you want to care for your pet. It is also wise to leave behind a certain amount of money for your pet and specify the type of care it needs.
When it comes to estate planning, most people seem to concentrate on bigger items, such as houses and family businesses. They may forget to include sentimental items, such as photo albums or jewelry. If it is not clear who gets what, it may start fights within the family. To avoid all the hassle, ask each family member what personal items mean the most to them.
Another common thing people forget when establishing their estate plans is choosing secondary beneficiaries. If a beneficiary has died or can’t be located, a secondary beneficiary can inherit the assets instead.