Remember these important points when planning your estate

| Dec 11, 2020 | Estate Planning

Many adults understand the importance of estate planning, but they forget some smaller things that can also help their loved ones. You’ll need to gather up lists of the physical assets you have, but you can’t stop there. You need to think about things that won’t be covered in your estate plan.

You also need to get a list of memberships and online accounts that you want them to have. Some of these might be used by your family members until what you’ve paid for expires. Others might be able to be transferred to someone in your family.

Digital assets

Write out the log in or account information for your digital assets and memberships. Think about social media, email and online memberships like iTunes that might have things your loved ones will want. More than likely, your loved ones will need those when they’re ready to access those accounts after you pass away. It’s a good idea to make more than one copy of this information. You also must ensure that you update it as necessary, so the most current usernames and passwords are included.

Check payable-on-death accounts

Certain financial accounts, such as most bank accounts, are handled using a payable-on-death designation. These aren’t included in your will or trusts if they have this designation. Because the account will go to the person named, you must ensure that this information is up to date with the financial institution.

Working closely with your attorney can help you ensure that you don’t miss anything. It’s imperative that you discuss your wishes and plans with them, so they can help you find the appropriate methods for making those happen when you pass away.