Most people create a will intending to leave their most valuable assets to their close family members. While primary emphasis is usually placed on financial assets and property, there are a few factors that are commonly overlooked.These include care for pets, the capability of the beneficiary, and access to digital assets. Here’s what you need to know about these often-neglected pieces of the puzzle.
Who Will Care for Your Pets?
A child would need a designated guardian and so do your pets. Talk to your loved ones to find out if anyone is willing to take in and care for the pets in your household. Whoever agrees to the task should be specifically named in the will. What happens in the event no one volunteers, before or after your death, to take your pet? Specify which rescue group, foster organization or shelter you’d prefer to be used in the rehoming process.
Is the Beneficiary Capable of Handling Their Inheritance?
Your executor will handle your estate, paying off your outstanding debts and distributing inheritances to the beneficiaries named in your will. What happens if your primary beneficiary isn’t capable of handling their inheritance? This might be a minor child or and adult with disabilities that prevent them from properly caring for or controlling property or financial assets. In these instances, you’ll need to designate a representative that will act in the best interests of your beneficiary, acting as a financial guardian and coordinating distributions per your wishes.
Are There Any Digital Assets Involved?
Your social media profiles, online bank accounts, blogs, websites, and online photo storage accounts are all examples of digital assets. So what happens to your digital assets after you die?
Your will needs to clearly state that your executor has permission to access, update, or close any online account you are associated with. Make sure there is an addendum to your will with all of the necessary log-in details you can think of. This will save your executor from having to petition each website for access.
A lot of thought goes into creating a will. It’s important your estate be executed in a way that satisfies your final wishes. Including pets, extra representative information, and digital asset access will ensure your will is executed swiftly.
~Here’s to Your Financial Health!