Your estate plan likely includes your most valuable assets, such as your savings, real estate properties, investment accounts, and vehicles. Often forgotten from those plans are more unusual assets that may hold value but may not necessarily be on your radar. Here are some unusual assets to include in Massachusetts estate plans.
Frequent Flyer Miles
Frequent flyer miles are an extremely valuable asset, especially if you travel frequently for business or have been good at working the rewards system through certain credit cards. Making sure those miles go to the right individual may not even come to mind when thinking about your estate plan. Imagine what your family could do with the miles that you’ve worked so hard to accumulate! You could help your family stay connected, ease your international business operation into its next phase, or donate them to an organization to allow someone in need an opportunity to travel the world and broaden their horizons. Miles are almost always transferrable, if the proper arrangements are in place. So, start thinking about who may be a good recipient.
Credit Card Rewards
As mentioned previously, credit card rewards can also fly right under your radar. Rewards can range from gas savings to grocery store discounts or gift cards. When it comes to credit cards, think about not only managing the debt but also passing on the benefits of your rewards.
Licenses are often expensive and contain one of a kind, valuable information. Data security is taken seriously in the software industry, so having a plan in place to transfer those licenses can save time, energy and potentially money. Policies can vary from company to company, so it is helpful to understand what arrangements are necessary for each. Referencing licenses in your estate plan is also a helpful way for your heirs to prove that they are entitled to that license.
Patents And Trademarks
Intellectual material can oftentimes be the most valuable asset someone owns. Design concepts, art, music, logos, even phrases can be patented or trademarked. When itemizing your assets, it is easy to forget even the most meaningful possessions. Keep what you created and pass it on to someone or something you believe in. If it is not protected, your brilliance will be made public or be made available for purchase.
Social Media Accounts
As mentioned before, data security is taken seriously in the technology community. Social media accounts are included in this realm. In today’s world, conversations, photos, videos and memories are captured and stored on a cloud network. Companies like Facebook, Instagram and Youtube hold years of information that pertain directly to you. When securing your assets, remember to include your social media account usernames and passwords. Those who want to make modifications for closure, or obtain those meaningful moments, will thank you. Read more about this topic in our blog post on including digital assets in Massachusetts estate plans.
Last On Our List Of Unusual Assets To Include In Massachusetts Estate Plans, Memberships
Some memberships require personal information to cancel, which creates an issue for family members or associates. There are also memberships, such as golf memberships, club memberships and more, that are paid for in advance and are non-refundable. Making sure those benefits are enjoyed is just another way you of helping your family during difficult times.
While our list of unusual assets to include in Massachusetts estate plans may not cover everything, our doors are always open. Come and talk to us about how we can help you secure what is most valuable to you. More importantly, we may be able to identify other important assets that you may be forgetting from your estate plan.