It is no secret that considering your own mortality is an unsavory topic. For this reason, many people approach the creation of an estate plan with trepidation. Even when a plan is drafted, it is not uncommon for individuals will hurry through toward the finish line, forgetting certain aspects and ignoring others completely.
Here are three categories that you likely forgot when writing your will:
- Digital assets: With more and more time devoted to an online environment, it is not uncommon for individuals to develop significant online assets. From entertainment collections – including books, movies, music and video games – to online shopping rewards – including cash-back bonuses, gift cards and airline miles – people are wise to remember these assets when developing their will.
- A plan for your pets: While you might have had conversations with a friend or family member over who would take care of a beloved pet after your passing, it is wise to specify a caregiver in your will. In this same vein, it might be a good idea to name a secondary caregiver in case your original plan falls through.
- Sentimental property: When writing a will, many individuals under-anticipate the disputes that might arise over seeming worthless items. Great care is taken to bequeath a house, car or prized coin collection, but a knick-knack paperweight on dad’s desk might hold sentimental value for many surviving loved ones. It might be wise to have an honest conversation with family members about things they are attached to.
You shouldn’t wait to draw up an estate plan. These documents are crucial in protecting your loved ones from heated disputes after your passing. You can work with an experienced estate planning attorney who can provide the answers and guidance you need.