Estate plans contain many different components depending on your personal circumstances and preferences. Although most estate plans are unique, there are several things that all estate plans should include. Here are some things commonly forgotten in Massachusetts estate plans. Be sure to address these in your planning efforts.
We naturally think about tangible assets in estate planning, but often forget about things like social media profiles, software licenses and frequent flyer miles. Digital assets retain value. In some cases, the value is an emotional one (as is with social media accounts) and in other cases there is monetary value. Read more about Estate Planning for Digital Assets to properly plan for the transfer of all digital assets.
Selecting a primary beneficiary can be a tough decision. Even more difficult is deciding on a secondary beneficiary. Most people avoid this decision altogether or don’t see the need for one. However, there’s always the possibility that your primary beneficiary could become deceased before or at the same time as you. Not having a secondary beneficiary is risky. Without it, your estate could end up in probate, but avoiding that is the point of having an estate plan to begin with.
Arrangements for Pets
Pets are commonly forgotten in Massachusetts estate plans, but this is certainly not a reflection of their importance in the family. Most people focus on physical assets and children,… pets are unintentionally left out! If pets are members of your family, be sure to include some arrangements for their care or adoption in your estate plan.
Comprehensive Plan for Children
Children add to the complexity of an estate plan. Read our blog on 4 Things to Include In Your Estate Plan if You Have Children. Be sure to address all 4 as leaving one out could leave your estate plan insufficient in ensuring the future care and well being of your children.
More on Things Commonly Forgotten in Massachusetts Estate Plans
These are just a few examples of things commonly forgotten in Massachusetts Estate Plans. You may be missing other critical elements in your plan. This is why it’s important to work with a Massachusetts estate planning attorney that will take the time to learn about your life and finances and develop a comprehensive plan to meet your needs. No online template or pre-packaged estate plan can possibly do the same. Contact us to discuss your estate planning needs and to verify that you are not missing anything important in your personal estate plan.