“A will or trust explains what you want to have happen to your assets when you die, hopefully in a very, very long time. While most people understand that a will explains what to do with money, property, and children, there are other parts you might be surprised by.”
MSN’s recent article entitled “3 surprising things you might not think to include your will” tells about three things to include in your will that you may not have thought about before.
Trust for your pet. If you have a pet, you’ll want to make certain that it has care when you’re not around. You can name a trustee to take ownership of your pet, in the event your pet outlives you and provides funds for the care of your pet.
An executor for your digital assets. You probably have accounts with data on Facebook, Twitter, Instagram, YouTube and other social media accounts. You may have an account for online gaming, operate an online small business, or own other important digital assets. If so, you should appoint someone to manage your digital afterlife.
A digital executor should be able to access your online accounts and manage closing them down or moving them to a new strategy.
Charitable donations. If you have given to a religious organization, school, or other nonprofit, you can include these charities in your estate plan. Another option is to instruct a family member to make a donation with a part of an inheritance. It’s not legally binding, but could it pass on a tax benefit to the ultimate donor.
In addition, remember to keep your beneficiaries updated on all life insurance policies and retirement accounts, because the listed beneficiary on these accounts supersedes anything you put in your will.
If you get divorced and remarried, update your will and also make certain that your life insurance beneficiary is updated.
Don't procrastinate. Make sure that all of your estate planning documents are up to date.
Meet with your Cincinnati estate planning attorney every year or two, to also be sure your plan reflects any changes in the law or changes in your circumstances.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: MSN (Jan. 10, 2020) “3 surprising things you might not think to include your will”