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- 10 Crucial Items People Often Forget to Include in Their Will (financebuzz.com)
10 Often-Overlooked Estate Planning Essentials
Crafting a will is crucial to safeguarding your legacy and ensuring your loved ones are protected. However, even the most diligent planners can overlook key details. Here are ten common omissions to avoid:
1. Digital Assets: Your digital footprint requires attention.
Provide clear instructions for managing social media, email, online photos, videos, digital wallets, and any monetized online platforms. Include passwords and designate someone to handle online announcements.
2. Sentimental Items: Designate beneficiaries for sentimental items and family heirlooms in your will to prevent future disputes among family members. While these items may not hold significant monetary value, their emotional significance can cause conflict.
3. Backup Beneficiaries: Life is unpredictable. Name secondary beneficiaries to ensure your assets are distributed according to your wishes, even if your primary beneficiaries are unable to inherit.
4. Pets: Ensure your pets are cared for after your passing. Set aside funds and designate a caretaker in your will to avoid burdening family members or leaving your pets without a home.
5. Outstanding Debts: Address outstanding debts and liabilities in your will, providing instructions for managing medical bills, loans, and credit card balances. Clear instructions streamline the process for your executor and protect your estate.
6. Business Succession: If you own a business, a succession plan is essential.
Outline who will take over or how the company should be handled to ensure continuity and protect its value for your heirs. Consider the skills and interests of potential successors within your family.
7. Overseas Assets: International laws can complicate estate matters.
List any overseas assets in your will and consult with an attorney specializing in international estate planning. Be sure to disclose foreign investments to the IRS.
8. Charitable Giving: Include details about any charitable contributions you wish to make, whether a lump sum or a portion of your estate.
9. Funeral Arrangements: Spare your loved ones the burden of making difficult decisions during a time of grief by outlining your funeral and burial preferences. Include details about the type of service, location, and any pre-paid arrangements.
10. Executor: Choose a trustworthy and detail-oriented executor to manage your estate.
Provide them with clear instructions to ensure a smooth process. While the eldest child is a traditional choice, consider who is best suited for the task.
Keeping Your Will Current: Regularly review and update your will to reflect changes in your assets, relationships, and intentions. A comprehensive and up-to-date will provides peace of mind and protects your legacy.
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- 10 Crucial Items People Often Forget to Include in Their Will (financebuzz.com)