Estate plans address so many matters and include so many details. You must decide on many subjects. Who receives your assets? Who will be the guardian of your minor children? Who will be the executor of your will or trustee of your trust?
But just when you think you have your estate plan in place, you wonder whether you overlooked anything. In some situations, people do forget to address crucial aspects of an estate plan. Do you forgive the loans you provided family members? What will happen to your digital assets such as online financial accounts and even your Facebook page?
What happens to your dog?
A few things do get overlooked by some when they create an estate plan. Many of them are pertinent matters. Others, on the surface, are less so, but still pack some sentimental and monetary punch.
Here are some commonly overlooked assets in an estate plan:
- Loans to family: Your generosity has led you to provide significant funds to your adult children. That money has gone for business ventures, mortgages, car repairs, medical costs and credit card debt. And that can amount to several thousand dollars. An option is to forgive the loans. You also could subtract the loans from their inheritance.
- What happens to pets?: Cats, dogs, birds, ferrets and horses are among the common pets of some people, and these animals often are part of the family. Who will care for them after you die? Make sure your estate plan provides money for the pet’s care and medical expenses along with special instructions.
- Digital assets: Technology has transformed the world. Many people rely on it for financial accounts, communication and storing things such as photographs and documents. Online bank accounts, cryptocurrencies and social media accounts are digital assets.
- Shipping costs: It is crucial to set aside money for beneficiaries who have inherited large physical assets such as furniture, book collections and fine art. They may have to transport these items thousands of miles away.
An estate plan must be thorough. Sometimes, certain assets are neglected. Do your best to avoid this. Your family and beneficiaries will applaud you.