Most people know that a will or trust outlines your wishes to distribute your assets to loved ones and others when you die, hopefully, many years from now.
While many understand that these essential estate planning documents focus on money, property and kids, there are other considerations you don’t want to ignore.
Three “other” things to put in your will
When deciding how to distribute your fortune, real estate or other items, such as cars or jewelry, don’t overlook these:
- Pet guardianship: Pets are not free, and most owners want their beloved dogs, cats or other pets cared for by someone they trust. Estimates on caring for a dog or cat for one year range from $500 to $1,000, or more if your pets need veterinarian care or luxury brand food or treats.
- Digital executor: While you designate someone to handle the overall distribution of your estate, name another trusted individual who can shut down or continue to manage social media accounts, or other vital digital assets, such as an online business.
- Charitable donations: Designating a family member to donate part of their inheritance to a charity or nonprofit close to your heart may not only ensure your legacy with the organization but also create tax benefits for the donor.
Remember to update your plan and beneficiaries
Review your will and other estate planning documents and update them when any changes occur, such as marriages, deaths, divorces or changes to your employment. Make sure your beneficiaries are also updated for insurance, investment and retirement accounts as they supersede designations in your will.
An experienced estate planning attorney here in California can help sort through the many complicated issues that can arise related to creating a will or trust. Your lawyer will help make sure your wishes are followed while providing peace of mind while you’re still around to enjoy your wealth and family.