If you were to think about what assets your estate plan should cover, you would probably think of any real estate you own, the contents of your bank accounts and other financial investments.
There are other things you might not consider, however, that are equally important to put in your estate plan. Here are some of them:
1. Your digital assets
What will happen to all the photos you have stored in the Cloud when you die? Will your Facebook and Instagram accounts live on after you, or would you prefer them to be closed? Those are just some of the digital assets you should think about dealing with in your plan. Some people will have many more, potentially with significant financial value – such as the app or book they have been working on.
2. Your collections
Do you like to collect things? It might be 18th-century woodcarvings, old hunting rifles, motorcycles, vinyl or modern art. Stipulating what happens to any collections you have when you die can prevent your relatives from arguing over them or throwing them out without knowing their value.
3. Items that are worth more sentimentally than financially
Maybe you never collected anything much in your life, but you likely still have things of sentimental value to someone else. These could include your photo albums, the books you used to read to your kids at night or your mom’s wedding dress. They might have next to no financial value, but one of your children, or someone else, might love to have them and be upset if they went to someone else.
There’s a lot to consider when estate planning. Seeking legal guidance can help ensure that you cover it all.