Don’t Forget These Important Estate Plan Components
Published on April 15, 2017 by Muenter Law
You work your entire life to reach goals, accumulate wealth, and build a life that brings you joy and fulfillment. However, you know that you won’t live forever. An estate plan is the most efficient way to ensure that everything you own is passed down or donated based on your exact wishes. However, estate planning is a complex and comprehensive process that requires the support of an Elder Law attorney. Be sure that as you organize your own estate plan, you don’t forget these four important components.
Make a Plan for Digital Assets
It wasn’t so long ago that digital assets weren’t even a concept, but now just about everybody has an online presence. Who will handle your digital accounts like email, Facebook, and financial services when you are gone? Be sure to include your username and password for each account, access information for each of your devices, and the name of the person with permission to access and handle everything digital.
Who Are Your Alternate Beneficiaries?
You will need to name beneficiaries in your estate plan to indicate who receives your assets, but you should also name at least one alternate beneficiary. It’s possible that your beneficiary may not outlive you, or that he or she will be unable to take possession of the property you want to pass down. Listing an alternative will prevent your will from being determined by state laws.
Make a Path for Personal Possessions and Heirlooms
Rather than listing all items that you want to hand down directly into your will, create a personal property memorandum in your estate plan to ensure that all of your sentimental and important heirlooms and possessions are passed down to the right people. This extra step prevents confusion and bickering among your loved ones after your death.
What About Pets?
Your dog or cat can’t exactly care for itself once you are gone, so it’s important to indicate who the caretaker of your pet should be upon your death. Be sure to also leave money for that person and name an alternative beneficiary to be safe.
For the support you need as you create your estate plan, contact the Law Offices of Kimberly K. Muenter. Attorney Muenter delivers compassionate, capable, and confident representation during estate planning matters. Call her today at (813) 906-1064 to begin this important process.
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