Four Estate Planning Topics People Forget

Even if you’ve created an estate plan, are you sure you included everything?  Certain provisions that people often forget to put in a will or estate plan can have a big impact on your family.

Alternate Beneficiaries

One of the m0st important things your estate plan should include is at least one alternative beneficiary in case the named beneficiary does not outlive you or is unable to claim under the will.  if a will names a beneficiary who isn’t able to take possession of the property, your assets may pass as though you didn’t have a will at all.   And then state law will determine who gets your property, not you.  By providing an alternate beneficiary, you can make sure that the property goes where you want it to go.

Personal Possessions and Family Heirlooms

Not all heirlooms are worth a lot of money but they may contain enormous sentimental value.  it’s a good idea to clearly express which family members should get which items.  You can write a list directly into your will, but later additions or deletions can be difficult.  A personal property memorandum is a separate document that details which friends and family members get what personal property.  In some states, if the document is referenced in the will, it is legally binding.  Even if the document is not legally binding, it is helpful to leave instructions for your heirs to avoid confusion and bickering.

Digital Assets

We conduct more and more business online now.  What happens to your online assets and accounts after you die?  Take some steps to help your family deal with your digital property.  make a list of all of your online accounts including email, financial accounts, Facebook, Mint, Twitter, SnapChat, Instagram, Pinterest, Amazon, and anywhere else you conduct business online.  Include your user name and password for each account and any access information for you digital devices such as smartphones, tablets, and computers.  Next, make sure the agent under your durable power of attorney and the personal representative named in your will have explicit authority to deal with your online accounts.

Pets

Pets are beloved members of most families, but they can’t take care of themselves after you are gone  While you can’t leave property directly to a pet, you can name a caretaker in your will and leave that person funds to care for your pet.  Don’t forget to name an alternative caretaker as well as an alternative beneficiary (in case your pet doesn’t outlive you). If you want more security, in many states, you can set up a pet trust.  With a pet trust, the trustee makes payments on a regular basis to your pet’s caregiver and pays for your pet’s needs as they come up.

These topics require an experienced estate planning attorney to make sure your will and estate plan take care of all your needs.