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May 20, 2020

The Top Things People Forget in Estate Planning

Creating an estate plan is never something to take lightly. Even if you’ve already written a will or estate plan as part of your contingency, are you sure you have everything documented? There are so many different aspects that it can get confusing at times, which is why a Tracy trust attorney will always recommend checking your estate plan for any issues. More often than not, most people forget a few things that could cause trouble when the estate plan comes into effect. Here are the key points people overlook in the estate planning process…

Remember Alternate Beneficiaries

Keep in mind that if the original beneficiaries are unable to claim the assets designated for them in your estate plan, it will be up to the government to decide. It would be a shame for the important people in your life to lose out on your estate plan because alternate beneficiaries were not included.
The crucial thing about naming alternate beneficiaries is that it adds a “plan B” to the original outline. After all, things do not always run smoothly, and only time can tell what the future holds.

Make Arrangements For Your Pets

Without a doubt, any Tracy trust attorney will also remind you to consider your pets. Pets are some of the most beloved members of the family. It’s a very real risk for pets to become displaced due to mistakes in estate planning. When documenting your estate plan, ensure that you also consider where your beloved pets will go. It is one of those things that many people tend to forget due to the grim subject matter. So much heartache can be avoided by considering the placement of your pets, and their care.

Exploring Digital Assets

As strides are being made for more and more assets to be transferred into the digital environment, it can be risky to leave digital assets out of a written will or estate plan. Keep in mind that digital assets are also a legacy that can be transferred to others. This is why a Tracy trust attorney will tell you it’s crucial that you consider digital assets during the estate planning phase.

Are There Family Heirlooms?

Surprisingly enough, one of the most common things to get lost when an estate plan isn’t prepared properly is that precious family heirlooms are misplaced. Such possessions are not necessarily expensive, but they are often worth their weight in gold when it comes to sentimental value. Don’t allow your family to be deprived of such personal items.

Your Tracy Trust Attorney

Tracy trust attorneys understand how easy it can be to forget something important when it comes to estate planning. From pets to heirlooms, be thorough when documenting your estate plan! For questions or help with your estate planning needs, please contact our office at (925) 447-1250.

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