Planning your estate is crucial, and while some assets like your house are easy to remember, there are others that might slip your mind. Crafting a comprehensive estate plan involves more than just the common elements. Here are three often overlooked but essential inclusions:
Digital Assets:
Many own digital treasures like social media accounts and online portfolios. Specify these assets in your plan, providing relevant access details. Clearly outline who gets access and authority over these digital assets.
Alternate Beneficiaries:
In the unfortunate event that your chosen beneficiary predeceases you, what happens then? You have to name alternate beneficiaries I never let my clients skip this inclusion. This ensures your assets always find their way to the intended recipients. “Don’t let the government take your diamonds!”
Personal Possessions:
Sentimental value often outweighs financial worth in personal possessions. Even if they hold little monetary value, your loved ones may cherish them. Detail these possessions and their recipients in your estate plan, guaranteeing they go to those who appreciate their sentimental significance.
Without an estate plan crafted with legal guidance, your assets might undergo court processes, making it challenging to fulfill your wishes. Simply put, an estate plan provides protection to your loved ones for the WHEN and not the WHAT IF.
If you are a North Carolina resident, click here to schedule your meeting with Sabrina Winters, today. Tomorrow is not promised to anyone.