For most people, estate planning means merely creating a will or trust. However, if you want to make sure all your assets are transferred to your beneficiaries seamlessly, there’s a lot more you should be considering.
Types of Assets That Should Be Accounted for in an Estate Plan
Estate planning means thinking beyond drafting your will. It involves planning and creating an inventory of all your assets, including properties, vehicles, investments, bank accounts, and valuable possessions. By ensuring all your assets are accounted for means a smoother transfer of ownership to your beneficiaries. Establishing who gets what assets and how they are distributed is a crucial part of any estate planning. Anyone over the age of 18 should have a will in place. Think of it like your rulebook on how to distribute your assets, and avoid havoc-wreaking over your loved ones after you die.
Review your will regularly for any areas you need to update over time. It’s recommended that you do this at least once every two years or after significant life changes. Mark Weseman Law can help you plan all aspects of your estate. We have the knowledge and experience to guide you through this challenging process.
Most Forgotten Items to Include
For anyone who has helped or experienced estate planning first-hand knows it can be an overwhelming process. In many cases, people forget to include other vital items of value in their plans like collectibles, items with emotional value, jewelry, and art. Itemize your inventory by going through your entire house, inside and out. This will help you make sure you don’t miss any valuable items. Chances are, once you’re done, your list will be a lot longer than you initially anticipated.
Even if you are part of an organization like AARP, a veteran’s association, college alumni, or a professional accreditation association, consider including them in the list of items in your estate plan. In some cases, these organizations may have accidental life insurance benefits for their members at no additional cost. If you’re ready to take first-steps towards estate planning, contact our team of professionals at Mark Weseman Law to learn more.