Your estate plan is complete! Now you are ready to put everything together. Are there any things you haven’t considered? This list may help you ensure that everyone is taken care of (even your beloved pets).
Contingent Beneficiaries and Trustees
You should consider the possibility that the person you choose to manage your estate after your death or incapacity may not be there to serve you. It is wise to include a second or third choice when making this important decision. This is true even for guardianship of your kids. It is always smart to have backup preferences. You can always modify your preferences while you are still alive and have the capacity.
Sentimental and Personal Items
It is a good idea, for clarity and peace of thought, to create a list that directs household items, such as photos, family heirlooms and collectibles to your beneficiaries. Your estate plan should include a legal document that assigns these items to your Trust. This will give your Trustee the power to distribute and manage them.
Pets
Pets are a constant companion for many, particularly in their final years. Although your pet can’t be a beneficiary of your Will or Trust, there are steps that you can take to ensure your pet’s well-being after your death. Discuss a pet trust with your attorney. It is highly recommended that you draft a letter detailing your pet’s medical history and any special needs.
Digital Assets
Our entire lives can be conducted online in today’s digital world. It will be easier and save you time later by taking a few simple steps to assist your successors in managing your digital property. Make a list of all your online accounts and log in credentials. They will also require your password. You can use technology to manage all your passwords. There are many apps and services available that will allow you to manage multiple logins to each of your accounts.
Make sure your Power of Attorney document contains the language that grants your agent access to digital assets.
This article was written by Alla Tenina. Alla is a top San Fernando Valley bankruptcy lawyer, and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.
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