Creating an estate plan is an essential part of passing on your legacy. After you pass away, your loved ones will look to your will and other estate planning documents to determine your final wishes.
When your estate plan is missing critical information, it can be challenging for your friends and family to determine what you would have wanted. On the other hand, a comprehensive plan can provide simplicity and peace of mind as they support what you have in mind.
Here are a few things you do not want to miss in your estate plan.
Digital assets
Whether your digital assets include online-only bank accounts or extensive collections of movies and music, these belongings are easy to forget when it is time to think about your estate plan. The additional problem is that your loved ones may not know you have them, and they could get overlooked during probate.
When you are checking to ensure your estate plan includes all your assets, you should include a list of your digital assets and how to access them. Keep in mind that there may be specific rules you must follow to pass on things like online movie libraries.
Critical backups
Life is full of unpredictable changes. Part of having a comprehensive estate plan is having alternates available for the people who manage or distribute your estate.
You should consider having alternates for roles such as executor and trustee so that if your first choice is unable or no longer willing to assume the position, someone else can take on the responsibilities.
As you prepare your estate plan, you should talk to a skilled professional about what might be missing and the precautions you need to take to ensure your plan is complete.
