Main Office: (304) 242-3340 Resources & Referrals: (304) 243-0996

Thinking about Estate Planning?

Posted: April 11, 2017, 10:40AM

A friend sent me an article from a legal firm's blog on things that we forget to put in our estate plans, and I thought it would be worth sharing.  The blog encourages us to think about certain provisions that people often forget to put in a will that can have a big impact on their families.

1 - Alternate beneficiaries

The article tells us that our estate plans should have at least one alternative beneficiary in case the named beneficiary predeceases us or is unable to claim.  If a will names a beneficiary who isn't able to take possession of the property or is dead, the assets could pass as if there is no will, and state law would determine who gets the property, not you. 

2 - Personal possessions and heirlooms

We need to be clear about who gets which items.  Writing a list directly into our will makes it difficult if we want to add or delete items.  A personal property memorandum is a separate document that details which friends or family gets what.  The blogger tells us that in some states, if the document is referenced in the will, it is legally binding.  Even if the document is not legally binding, leaving instructions for heirs may avoid confusion and bickering.

3 - Digital assets

What happens to our online assets and accounts after we die?  We want to take some steps to help our families deal with our digital property.  We need to make a list of our online accounts (email, financial accounts, Facebook, Amazon and anywhere we conduct business online).  Include the username and password.  Also include information for digital devices such as smartphones and computers.  Make sure that the agent under your durable power of attorney adn the personal representative named in the will has the authority to deal with those online accounts.

4 - Pets

Pets are family members to many of us, and they can't take care of themselves when we're gone.  Name a caretaker in your will and leave that person money to care for the pet.  In some states, you can set up a pet trust.  With a pet trust, the trustee makes payments on a regular basis to the pet's caregiver and pays for our pet's needs as they arise.

Contact your attorney to make sure your will and estate plan takes care of all of your needs!

This information is not intended as legal advice, and it is recommended that you contact your attorney to discuss and arrange your legal needs.

---

Comments

No comments on this post.

---

Add a Comment