It’s no secret that estate planning can be incredibly complicated. Handling considerable assets like real estate, bank accounts, and life insurance policies can be confusing and stressful to plan for. However, while taking these assets into consideration, others can be forgotten. As such, the following blog explores the assets that often get overlooked during this process to ensure you can create a comprehensive estate plan. Keep reading to learn about this process and why working with Pennsylvania estate planning attorneys is critical to ensure your wishes will be honored after your passing.
Which assets are most overlooked during estate planning?
One of the most commonly forgotten assets when planning an estate is digital assets. As these have only become a fixture in estate plans over the last couple of decades, many are unaware that they need to take the property and assets they own digitally and include them in their plan. Common examples of the assets that should be inventoried and accounted for when estate planning include online banking accounts, cryptocurrency, digital photos and videos, online storefronts, emails, and personal projects.
It’s also important to ensure you dictate what you would like to happen to your pets upon your passing. Unfortunately, the state does not see pets as family members, but rather as assets in your estate. As such, it’s imperative to ensure you dictate how you would like your furry friends cared for in the event of your passing.
Many in the midst of estate planning often forget to include assets with little to no monetary value. Though your photo album may not be worth much, your children may want these memories. Similarly, family heirlooms, like a diary from a great-great-aunt has no monetary value but it may be something you wish to continue sharing with your family.
What can I do to make this process easier?
If you are worried about forgetting to include assets in your estate plan, it’s important to begin making a comprehensive list of what you own. Though it can seem overwhelming, taking matters one room at a time can ensure all your property is accounted for. This allows you to ensure you are thoroughly inventorying your personal assets while taking breaks to avoid burnout and subsequently missing assets. In addition, itemizing the assets in your home allows you to note down who you would like certain assets given to.
However, the most important thing you can do to ensure your assets are included in your estate plan is to work with an experienced estate planning attorney from Friedman Schuman Layser. Our team can help ensure that your wishes are included in your estate plan to help provide you with peace of mind for the future. When you’re ready to create a comprehensive will, our team is here. Reach out to our firm today to discuss your circumstances with a member of our team.
