Part of creating a complete estate plan is properly accounting for your assets and creating a path for your loved ones to inherit them as you want. Tampa estate planning lawyers work carefully with their clients to create instructions for the distribution of their entire estate in their documents. But there are times when certain assets and property are overlooked. The following are the top five items frequently left out of estate planning documents:
- Cash: When possible, all bank and financial accounts should have named beneficiaries which allows for an uncomplicated inheritance. But what about cold hard cash? Many people have hidden money in their homes. Whether boxes of $20 bills, a bucket of change, or rolls of physical silver, these assets need to be accounted for in your documents.
- Collections: Over the years, you might have created a collection of items that hold financial value. Whether you have an art collection, expensive or antique firearms, or a coin collection, talk to your lawyer about how to work these items into your plan.
- Sentimental Items: All personal items not accounted for in estate planning documents are generally sold and the proceeds go back to the estate. But there may be items that hold sentimental value to your loved ones that you might not even know. Have conversations with your loved ones and make sure you ask them what household items they cherish. Then you can arrange for them to receive those items before the sale of any property.
- Pet Arrangements: More than half of adults ages 55-80 have pets. Knowing that, estate planning attorneys suggest pet owners include arrangements for who will care for their animals after they pass. Make sure you discuss your choices with the person you hope will take care of your animal to ensure it will be a good fit for everyone.
- Alternate Beneficiaries: Naming your beneficiaries is necessary for them to benefit from your gifts. But what happens if your named beneficiary cannot accept your gifts for certain reasons, or perhaps they have passed away? The easiest way to avoid inheritance issues is having alternate beneficiaries named. Naming an alternate beneficiary will allow for your assets to go to another person of your choice while avoiding probate.
Having all assets, big and small, accounted for in your plan is the key to preventing stress and confusion when you are gone. If you have left one of these items out of your estate plan or you have yet to start, please call (813) 438-8503 to set up a consultation with one of our experienced estate planning attorneys.