Four Things You May Want to Include in Your Estate Plan

1) Alternate Beneficiaries and Executors

Having an alternative beneficiary is helpful just in case the named beneficiary does not outlive you or is unable to claim under the will. This way, you make sure that the assets goes where you want it to go. Also, be sure to name at least one back-up Executor in case your primary is unable to serve for any reason.

2) Personal Possessions and Family Heirlooms

Not all heirlooms are worth a lot of money, but often have sentimental value. A personal property memorandum can detail which friends and/or family members get these sentimental items. Do not, however, use the memorandum to make gifts of specific dollar amounts or of intangible property (e.g., bank or investment accounts) or real estate. Instead, those should be spelled out in the will itself.

3) Digital Assets

Online businesses and social influence is a growing concern among a younger generation with valuable digital property. You should make a list of access information for all your digital devices, including smartphones and computers and any/all digital and social accounts. And then you need to make sure the agent named in your durable power of attorney and the personal representative named in your will have authority to deal with your online accounts.

4) Pets

Pets can’t take care of themselves after you are gone. While you can’t leave property directly to a pet, you can name a caretaker in your will and leave that person money to care for the pet. Don’t forget to name an alternative beneficiary as well. You can even set up a Pet Trust. With a pet trust, the trustee makes payments on a regular basis to your pet’s caregiver and pays for your pet’s needs as they arise. Be sure to speak to the potential caretaker to be sure he or she would be willing to serve.