When you think about creating an estate plan, some things are immediately apparent. For example, it is unlikely you will forget to arrange for your children to inherit your house. Yet, many people fail to make arrangements for other assets they own. If you forget to include something in your estate plan, your family may struggle to find it, access it or know how to distribute it.
3 things to be sure you cover in your estate plan
Here are some things you may overlook:
- Family heirlooms: It is easy to only focus on things with financial value. However, you should measure some things in terms of their sentimental value to members of your family. Just because grandma’s rings contain fake diamonds does not mean that your daughter loves them any less. The old set of wooden handtools you used in your youth may not be as efficient as today’s power tools, yet, your son may still cherish them. Take time to ask family members if there are any items of particular significance to them.
- Pets: Unless you are an Egyptian pharaoh, you probably do not wish that they bury your dogs and cats with you. Be sure to stipulate arrangements for the care of your pets when you are no longer around.
- Digital assets: Relatives often struggle to find photos to remember loved ones by. Once, they combed through family albums. Now, many people store their photos in the cloud. Be sure to provide access to this and other online accounts you hold, whether financial or personal.
When creating your estate plan, be sure to inventory all your assets. By noting everything down, you can ensure you forget nothing.
