Creating a will is a crucial step in managing your estate and ensuring your wishes are carried out after your passing. However, the process can be complex, and amidst the myriad of legalities and emotional decisions, some items often go overlooked. This article delves into eight surprising things many people forget to include in their will, highlighting the importance of comprehensive estate planning.
Digital Assets
In today’s digital age, online accounts, social media profiles, and digital assets form a significant part of our lives. Yet, they are frequently forgotten in estate planning. Digital assets include everything from online banking and investment accounts to social media profiles and digital photo libraries. Without clear instructions, accessing or managing these assets can become a nightmare for your loved ones.
Personal Effects with Sentimental Value
While high-value items like real estate and vehicles are commonly included, personal effects with sentimental value often get overlooked. Items such as family heirlooms, jewellery, and even personal letters carry immense sentimental value and can lead to disputes among family members if not clearly bequeathed.
Pets
Pets are considered part of the family by many, but legally they are viewed as property. Failing to include provisions for your pets in your will can leave their future uncertain. It’s important to appoint a caregiver and possibly set aside funds for their care to ensure they are looked after.
Intellectual Property
Intellectual property, such as patents, copyrights, and trademarks, can be valuable assets that are often forgotten. These assets can generate income long after your demise, making it vital to include them in your estate plan.
Loans to Family Members
If you’ve lent money to family members, these loans should be addressed in your will. You’ll need to decide whether these loans are forgiven upon your death or if they should be repaid to the estate, impacting the inheritance of other beneficiaries.
Frequent Flyer Miles and Loyalty Points
Frequent flyer miles and loyalty program points can be substantial but are frequently overlooked. Some programs allow for the transfer of these points upon death, while others do not. Including instructions for these assets can add value to your estate.
Safe Deposit Box Contents
The contents of a safe deposit box can be overlooked, especially if the box is rarely accessed. Important documents, valuables, or even keys to other assets might be stored in a safe deposit box. Ensuring your will includes information on the box and its contents can prevent these items from being overlooked or lost.
Instructions for Your Online Legacy
Deciding what should happen to your digital presence after your death is increasingly important. Whether you wish for your social media profiles to be memorialised or deleted, including these instructions in your will can ensure your digital legacy is handled according to your wishes.
In conclusion, drafting a will is a nuanced process that requires careful consideration of all your assets, including those that might not be immediately obvious. Including often-overlooked items ensures a comprehensive estate plan that reflects your wishes accurately.
For those looking for professional assistance in crafting a thorough will, expert wills and estate services in Campbelltown can provide the guidance needed to navigate these complexities.
Additionally, understanding the basics of estate planning is crucial for anyone embarking on this journey, providing a solid foundation for making informed decisions about your estate.
