3 Things You Might Forget To Include In Your Estate Plan

A wide variety of things can, and should, be included in your estate plan. Many of these things are very easy to remember and include – a house, for example – but others are not.

To ensure that your estate plan includes everything it must include, you can find three things you might forget to include in your estate, but absolutely must include, in the sections below.

What Is An Estate Plan? 

To ensure that your assets go to those whom you would like to receive them, in the event of your death, you must develop an estate plan that includes those assets and beneficiaries.

Right within your estate plan, you can include the following:

• The assets you would like to give.
• The person who can make financial decisions for you, if you are incapacitated.
• The beneficiaries you would like to give these assets.
• The person who can make medical decisions for you, if you are incapacitated.
• The guardian whom your children will go to live with.

A failure to develop an estate plan with a lawyer means that your assets will need to go through the court. Going through the court can make it more difficult for your assets to go to those whom you would like to have them.

Given the facts outlined above, an estate plan is, in its simplest form, a plan that allows you to plan for your death and, in doing so, to ensure that your wishes are met.

3 Things You Might Forget To Include In Your Estate Plan 

A wide variety of things can, and should, be included in your estate plan. But, outside of the common, easy to remember things you can include, there are three things you must include, even though you might forget to do so.

Digital Assets 

Many people own digital assets, such as social media accounts, digital photos, and online financial portfolios.

To ensure that your digital assets can be used/given, you must outline your digital assets, including any and all relevant information pertaining to the access/use of these digital assets.

Right after the above information has been clarified, you must then outline who will have access to these digital assets. This includes the ability to access them and to use them.

Alternate Beneficiaries 

Sometimes, a chosen beneficiary passes away before you do. When this happens, the court will determine who is entitled to these assets.

To ensure that the above outcome does not occur, you must name at least one alternate beneficiary. Doing so ensures that your assets will always go to those whom you would like to receive them. 

Your Personal Possessions 

Even if your personal possessions offer little in the way of tangible financial value, your beneficiaries may wish to hold onto them, due to their sentimental value.

To ensure that your loved ones receive your personal possessions, you can outline them, and who they will go to, in your estate plan. This way, in the event of your passing, these possessions go to those who will value them.

Speak With A Florida Estate Planning Lawyer Today 

Your estate plan should be thorough, encapsulating every need that may arise, in the event of your passing. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will assist you in developing an estate plan that satisfies your goals and needs.

Sources:

law.cornell.edu/wex/estate_planning

law.cornell.edu/wex/alternate_beneficiary