You can’t predict many things in life, but you can at least predict that you won’t live forever. When the time comes, it’s critical to have developed a way to pass your life’s accomplishments down to the people you love. An estate plan is the most efficient way to ensure that everything you own is given or donated to family members and friends based on your exact wishes. Just be sure not to forget about these components as you draft your estate plan with your attorney.
Who Are Your Alternate Beneficiaries?
The beneficiaries in your estate plan are the people who will receive the benefits from your estate, life insurance policies, accounts, and other assets. It is important to name alternate beneficiaries because there is no guarantee that your selected beneficiaries will definitely outlive you or be able to take possession of your property. If you fail to elect alternate beneficiaries, your estate is at risk of being distributed based on state law.
Account for Digital Assets
Digital assets didn’t even exist fifty years ago, but now just about everybody has an online presence. Who will handle your digital accounts like email, Facebook, and financial services when you are gone? Be sure to include your username and password for each account, access information for each of your devices, and the name of the person with permission to access and handle everything digital.
Plan for Personal Possessions and Heirlooms
Though it’s possible to list in your will all of your items and who they should be given to upon your death, there is a more efficient way to handle those matters. Work with your attorney to create a personal property memorandum in your estate plan. This memorandum will ensure that all of your sentimental and important heirlooms and possessions are passed down to the right people. Better yet, you will help your loved ones avoid fighting and bickering over the antique piano after your death.
In order to create a complete and cohesive estate plan, it is important to work with experts like the attorneys at North Tampa Law Group in Florida’s Hillsborough and Pasco counties. Call 813-518-7411 so that Attorney Arrighi and Attorney Ackley can give you the support you need to outline your future plans and ensure that all of your assets are properly handled when you pass.