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Types of Assets Commonly Forgotten in Estate Plans

One of the first steps in estate planning is taking a full inventory of your assets. Only with a complete and accurate understanding of all your holdings can you create a plan that will protect your estate, help it grow, and prepare for contingencies. At Surprenant & Beneski, P.C., we have been successfully assisting clients throughout Southeastern Massachusetts with estate planning for a long time. Contact us today to begin this process with capable, caring professionals at the helm.

Too many people do themselves and their loved ones a disservice by forgetting to list all of their assets when they take an inventory of their estate. This mistake can cause complications, confusion, and serious losses. If these assets are left unclaimed, they may never make it to your chosen beneficiaries. Such errors are a compelling reason that anyone engaging in estate planning should do so with the help of a skilled estate planning attorney. 

Examples of Commonly Forgotten Estate Plan Assets

Although in most cases, holdings like real estate, businesses, investments, and bank accounts are identified as assets early on in the estate planning process, in large, complex estates, some may slip by. Even in more compact estates, however, the following assets may be passed over or forgotten:

Digital Assets

In today’s digital age, overlooking digital assets like online accounts, cryptocurrency holdings, digital photo libraries, and intellectual property rights, can be a critical oversight. Without explicit instructions, accessing and managing these assets can present a significant challenge for family left behind.

Retirement Accounts

Retirement accounts such as IRAs, 401(k)s, and pensions are often overlooked in estate planning. As a matter of fact, it is estimated that over 20 percent of all 401K funds are lost or forgotten. To maximize the benefits of these assets for your heirs, our attorneys will always guide you to designate beneficiaries and consider tax implications.

Life Insurance Policies

Life insurance proceeds can provide financial security to beneficiaries, yet many policyholders forget to review and update policy beneficiaries regularly. Ensuring alignment between policy designations and overall estate planning goals is vital to having your wishes followed.

Personal Belongings

While not necessarily high in monetary value, personal belongings often hold sentimental significance. Failure to specify who receives family heirlooms, vehicles, artwork or jewelry can lead to discord among beneficiaries. At times, such personal belongings are forgotten because they are locked away in storage units or safe deposit boxes. Our estate planning lawyers will remind you of all such possible hidden treasures so that your inventory is inclusive.

Debts and Liabilities, Including Family Loans

Estate planning isn’t just about asset distribution; it also involves managing debts and liabilities. Failing to account for outstanding debts or taxes can diminish the value of the estate and create financial burdens for your heirs. In a similar way, loans to family members should be addressed in estate planning to avoid confusion and potential disputes.

Provisions for Pet Care

We never forget our beloved pets, but in the process of estate planning, so oriented toward human inheritance, we may forget to include them in our legal documents.

No matter how cherished they are, specific provisions for their care in the event of our incapacity or death must be made. Instructions for their care is also essential to ensure their health and happiness.

The Takeaway

Estate planning is a complicated process, requiring the training and focus of accomplished professionals. Make sure your estate plan is as durable and protective as you intend by contacting Surprenant & Beneski now. We will make certain that every asset you have is identified and inventoried and that every document is properly worded. Our goal, like yours, is to forget nothing when it comes to keeping your family secure.