Now that you are in the final stages of creating your estate plan, you may think you have everything covered. The house. Check. Guardian for your children. Check. Motor vehicles. Check. The distribution of your assets. Wait. There may be certain things you overlooked.
It is not uncommon that certain assets do not get the same attention as the obvious ones. However, who inherits your pet must get addressed. So should assets of sentimental value.
Digital assets, loans to family
Among the assets and issues that people overlook in estate planning include:
- Pets: The dog or cat may have been a member of the family. Who should get them? Setting aside to pay for the animal’s general care and medical expenses is a good idea, too.
- Collections: This group may include antiques, fine art, jewelry, guns, vintage baseball cards, comics and even wine. Designate money to have these assets appraised.
- Properties with sentimental value: Family heirlooms such as the storage trunk that your great grandfather brought from Europe may not be worth a great amount of money, however, it may be invaluable to family.
- Shipping costs: Bulk items such as furniture, antiques, art and book collections may be difficult to transport across the country for heirs and beneficiaries. It would not hurt to leave money to help pay for this move.
- Digital assets: Find the right person to oversee these assets, which may include online financial accounts, cryptocurrencies, social media accounts and photographs.
- Loans: Some people may have provided significant loans to family members, who needed money to start a business, pay for college or car repairs, or were down and out. Do you forgive these loans?
Addressing these matters in your estate plan exemplifies the thoroughness undertaken. Good for you.
Consider all assets
When assembling an estate plan, it is a good idea to carefully consider every asset that you have accumulated and decide what happens with them. When those decisions are in place, your survivors will be grateful.