21 Often-Forgotten Items in an Estate Plan
A comprehensive will ensures that nothing important is left out. From digital footprints to sentimental letters, certain critical elements are often overlooked. Clear instructions can prevent disputes among your heirs. Preserve your legacy exactly as you intend by including these essentials.
Contact Info
When crafting a will, include the contact information for key individuals, so that executors and attorneys can easily reach beneficiaries, financial advisors, or anyone else involved in your estate. Providing phone numbers, email addresses, and physical addresses minimizes confusion and delays during the estate execution process.
Digital Assets
Online banking and email accounts are often overlooked in wills. Specify who gains access to these digital footprints, and include any necessary passwords or encryption keys, safeguarding them according to legal standards.
Pet Care
Outline specific instructions for the care of your pets, including the caregiver’s name and any financial provisions for their maintenance. This not only guarantees a loving home for your pets but also relieves potential burdens on family members.
Personal Letters
Personal letters to loved ones can provide comfort and closure. They should be included in your will to express sentiments that legal documents cannot convey. These letters can serve as a cherished reminder of your values and relationships.
Funeral Instructions
Detailed funeral instructions can alleviate stress for grieving relatives. Specify your preferences for burial or cremation, the type of ceremony, and any particular readings or music. This foresight ensures your final send-off reflects your true intentions.
Heirlooms
Family heirlooms and items with sentimental value should be explicitly mentioned in your will. Assigning these possessions to specific individuals can prevent family disputes and ensure that your cherished items are respected and preserved.
Subscriptions
Many people subscribe to services that continue billing after death. Include instructions on how to handle your subscriptions, such as newspapers, magazines, or streaming services. This detail helps in settling your digital footprint and avoids unnecessary costs to the estate.
Tax Documents
Including tax documents, or instructions on where to find them, is crucial for resolving your estate. These records help executors complete necessary filings and resolve outstanding liabilities. Ensure these documents are easily accessible and clearly labeled.
Safety Deposit
If you own a safety deposit box, include the location, box number, and access instructions in your will. This information is essential for executors to retrieve valuable documents or items stored within. Securing this data in your will can significantly streamline the estate settlement process.
Debts
Listing all debts and liabilities ensures they are settled according to your wishes and legal requirements. Specify the nature of each debt, whom it is owed to, and any repayment plans. This comprehensive approach helps your executors manage your estate efficiently.
Intellectual Property
Patents, trademarks, or copyrights are often neglected in estate plans. Specify how these assets should be managed or who should benefit from them. Properly handling these assets can continue to generate value for your beneficiaries.
Minors
If minors are beneficiaries, setting up trusts is essential. Specify the conditions under which the funds should be used, such as for education or health care. Trusts help manage and protect assets until the minors are capable of doing so themselves.
Previous Wills
To avoid confusion, mention any previous wills and declare the current document as the updated version. This prevents disputes and legal challenges that might arise from discrepancies between different versions. Ensure that all copies of previous wills are destroyed.
Loan Details
Loans you have made to others should be recorded in your will. Detail the borrower, the amount, and the repayment terms. This ensures that any outstanding amounts are accounted for in the estate proceedings.
Organ Donation
Your wishes regarding organ donation should be clearly stated in your will. This declaration can significantly impact lives and needs to be known before it’s too late. Discuss this decision with your family to ensure your wishes are carried out.
Education Funds
If you intend to set aside money for someone’s education, specify this in your will. Detail the amount, the beneficiary, and any particular conditions or stipulations. This proactive step can secure someone’s educational future and relieve financial stress.
Business Ownership
If you own part or all of a business, detailed instructions for the transfer of your business interests should be included. Specify who will take over and any conditions related to the transfer. This planning can prevent operational disruptions and ensure the business’s continuity.
Social Media
Include guidelines for how your social media profiles should be managed or memorialized. Decide whether profiles should be deleted, turned into memorial spaces, or managed in another way.
Art Collections
If you possess an art collection, specify how it should be handled, whether it is to be sold, donated, or distributed among heirs. Detailed records of the collection’s pieces, their values, and any appraisals should be included.
Foreign Assets
Assets located in foreign countries are often complicated to manage due to different legal systems. Include specific instructions and legal contacts in those countries. This inclusion ensures your foreign assets are properly managed and not overlooked.
Passwords
Include a secure method for executors to access necessary passwords and encryption keys. This step is vital for accessing important digital records and continuing or closing accounts as needed.
Josh Dudick
Josh is a financial expert with over 15 years of experience on Wall Street as a senior market strategist and trader. His career has spanned from working on the New York Stock Exchange floor to investment management and portfolio trading at Citibank, Chicago Trading Company, and Flow Traders.
Josh graduated from Cornell University with a degree from the Dyson School of Applied Economics & Management at the SC Johnson College of Business. He has held multiple professional licenses during his career, including FINRA Series 3, 7, 24, 55, Nasdaq OMX, Xetra & Eurex (German), and SIX (Swiss) trading licenses. Josh served as a senior trader and strategist, business partner, and head of futures in his former roles on Wall Street.
Josh's work and authoritative advice have appeared in major publications like Nasdaq, Forbes, The Sun, Yahoo! Finance, CBS News, Fortune, The Street, MSN Money, and Go Banking Rates. Josh currently holds areas of expertise in investing, wealth management, capital markets, taxes, real estate, cryptocurrencies, and personal finance.
Josh currently runs a wealth management business and investment firm. Additionally, he is the founder and CEO of Top Dollar, where he teaches others how to build 6-figure passive income with smart money strategies that he uses professionally.