Thinking about your estate plan might bring up thoughts of your will and trusts. But, these are only some of the things you need to include when you create the plan. You also have to consider other points that might have a direct impact on your heirs and beneficiaries.
You may already know that you should make a list of your physical assets so that your loved ones know exactly what you have. You should also get together a list of non-physical assets.
What are your non-physical assets?
Your non-physical assets include anything digital. While you can’t pass on items you’ve licensed (like movies you have stored in Amazon prime or the books in your Kindle account), you can turn your Photobucket account over to your heirs – and they may want those memories. Your Facebook page and other social media sites also need to be handled after your death, and some of them allow you to designate what you want to be done with them.
What debts do you have?
Having a list of your debts may also help your loved ones when you pass away. Include lines of credit, such as a home equity line of credit or reverse mortgage. Also write down credit card information, home loans, car loans, and any other debts that are secured by property or money that’s owed due to a written contract. This can help as they work through the estate.
Everyone who’s making an estate plan should provide as much information for their loved ones as possible. This can stop them from having to hunt down assets or trying to find creditors. There are many points that you need to consider as you make your estate plan. Working with someone who knows your situation and understands your goals will help you to get the plan set up in a way that conveys your wishes so your loved ones can follow them.