If you’ve started making your estate plan, you may be in pretty good shape compared to some of your peers. Only 31% of Americans have a will, while just 11% have a trust, according to recent data from Trust & Will.
But in the course of putting your estate plan together, there are certain aspects you might forget about, even if you’re trying to be thorough. Here are five key tasks you should make a point not to overlook when doing your estate planning.
1. Updating beneficiaries on your financial accounts
It’s not just a will or trust that allows your loved ones to inherit your assets once you pass away. Many financial accounts allow you to designate a beneficiary to get access to your assets upon your passing.
Some of the accounts that allow you to designate a beneficiary include:
- Savings accounts
- Checking accounts
- Certificates of deposit
- Brokerage accounts
- Retirement accounts like IRAs and 401(k) plans
Make sure to keep all of your financial accounts updated with beneficiary information. In the event of your passing, these assets may become available to your loved ones fairly quickly, allowing them to handle expenses that may arise for your estate.
2. Telling your loved ones what to expect
It’s a good thing to put together a will or a living trust in the course of making an estate plan. But it’s important to not keep your loved ones in the dark about it.
First, make sure they know where to find your will or trust. You may have a copy on file with an attorney, or you may have a copy in a safe deposit box at your local bank. Make sure your loved ones can access your will or trust easily. For example, leaving it in a safe deposit box won’t do them any good if they don’t have access to that box.
You should also prepare your loved ones for what those documents might entail. If you’re not splitting your estate equally among your children, for example, that’s something to discuss ahead of time so there are no unwanted surprises later on. Preparing your children could also help them avoid conflict with each other.
3. Making arrangements for your pets
If you have dependent children, you may know that your estate planning documents should include a plan for their care. But don’t forget about your pets.
If you do not make specific arrangements for your pets, it’s hard to know what might happen to them. A better idea is to talk to your loved ones about who might be willing to step up and care for your pets if you’re no longer around to do so yourself.
4. Clarifying your intentions for sentimental items
You might assume that the most important thing to do when making your estate plan is to spell out who will inherit your assets that are most valuable, like your art collection or jewelry. But it’s equally important to spell out your intentions for items of sentimental value.
If you don’t make your wishes clear, your loved ones might end up fighting over those items. And a lot of feelings could get hurt. You may want to talk to your family about the items of yours that are most important to them. That way, you can split things up in a fair process that everyone is involved in.
5. Sharing your wishes for a funeral
Planning your own funeral is not a comfortable thing. But if you have specific requests, it’s important that you share them with your family so they know how to carry out your wishes.
You may want to be buried in a certain place and have a certain type of service. You may want certain songs played or an element of religion incorporated into the service. And you may want specific people to speak at your funeral and share stories or memories.
These are things to tell your loved ones ahead of time. And if you’re very particular about where you’re buried, one thing you may want to do is purchase a plot ahead of time. Not only might this help ensure that you’re laid to rest in your preferred location, but it could spare your loved ones the cost and burden of having to figure out where to do your burial.
At the Law Offices of James A. Miller, P.C., we understand the importance of creating a comprehensive estate plan. We also know that in the course of estate planning, many tasks can easily get overlooked. That’s why we’re here to guide you every step of the way. Contact our Worcester office today at (508) 799-8885 or reach out online to schedule a consultation and learn more about the different services we offer. We’ll be happy to answer any questions you have so that you’re able to get the peace of mind you deserve.