Perhaps one of the
most important things you can do in life is plan for what happens when you are
gone. However, many avoid creating a legal will and testament simply because it
is a hard idea to face. According to AARP, only about 4 of 10 people in America
have a will.
Unfortunately, even
those who do make a will tend to forget some pertinent things in the process.
If you attempt to make a will without professional guidance, it is easy to
leave out information about important property or belongings. Take a look at five
things you do not want to forget when you do work with an attorney to create
your last will and testament.
1. Out-of-State
Assets
Society is more mobile
than ever. People commonly live in multiple states over the course of a
lifetime. If you've lived in several states, make sure you are including
property that you own out-of-state in your will. For instance, if you own a
piece of vacant land in a state other than where you live, it is easy to forget
to include this property in your will if you don’t frequently revisit or think
about the land.
2. Debts Owed to
You
Many people pass away
when someone or some entity owes them money; this is not uncommon. However,
people neglect to include how this owed debt should be handled in their will
and testament. Some people prefer to forgive debts or payments owed upon their
death, which is possible. If you prefer the debtor to pay their debts to your
estate, a certain heir, or otherwise, you should include this information.
3. Digital
Assets
Digital assets have
grown increasingly common over the last several years with more people relying
on technological avenues to house certain possessions. Digital assets can
include things like:
- Animations
- Websites
- Audiovisual media
- Documents
Even though some of
these assets may not hold a lot of monetary value, they can hold personal
value. Therefore, if you want them to stay in your family or pass to another
beneficiary, you must include them in your will and testament.
4. Your Pets
Many homes in the
United States own a dog or a cat. Unfortunately, when pet owners pass away
without leaving information in their will about who should be the caretaker of
the pet, many of these animals end up in shelters or abandoned. In the process
of making your will, make sure you name a caretaker for your pet(s) so that
they’re always taken care of by someone who loves them.
5. Newly Acquired
Assets
Many people acquire
assets all the way up until their last days. Remember, assets can be tangible
property or something else like an online account. You need to periodically
update your will and add any new possessions you may have acquired. Experts
recommend that you revisit your estate plan
, including your will, about every five years.
You should also revisit your will if:
- Your relationship status changes (e.g. marriage, divorce, death
of a spouse, etc.)
- You have a child or gain an heir through a relationship change
or birth
- You gain or lose a major amount of property or wealth
Revisit your will and
add any new assets if there is a major change in your health as well.
Contact an Attorney
for Professional Help
Creating a last will
and testament could be deemed as one of the most important things you ever do.
Make sure your last requests include everything you would want by working with
a qualified attorney. Reach out to us at the office of Donald B. Linsky &
Associate PA
to find out how we can help.
