Five Items That Often Get Overlooked in Wills and Other Estate Planning Document
Having estate planning documents in place such as a will, living will, and powers of attorney, helps to protect you and your loved ones when the unexpected occurs. A surprising number of people tend to put off this task until it is too late. Among those who do have a will, it is not uncommon for people to overlook important issues and assets. This could end up creating confusion and costly delays, impacting those you care about for years into the future.
When a person passes in Milltown, their estate must be settled in Middlesex County Surrogate’s Court. If you do not have a will in place at the time of your death, it subjects your property and assets to complex laws and jeopardizes inheritance rights of your family and friends. Be sure you have all of your affairs in order before it is too late! Contact the Law Office of Jordan B. Rickards to start your process of estate planning. When you are working with us, be sure to discuss the following five items so they can be included in your estate plan.
1. Alternate Estate Representatives and Beneficiaries
When creating your will, you must list all beneficiaries of the property and assets you possess. You will also need to name someone as estate administrator. This person will act as your personal representative in probate court. Provide alternates in the event they pass before you or are otherwise incapacitated. The same is true when creating powers of attorney.
2. A List of Digital Assets
Despite the amount of personal and business activities that occur online, people often forget digital assets in their wills. These assets can include the following:
- Online businesses
- Income streams
- Financial accounts
- Social media accounts
Be sure to include all of these items in your will so those who inherit your belongings are able to easily access all of your online and digital assets.
3. Instructions for Personal Belongings
People focus on items of financial value in creating a will, such as homes, cars, and financial accounts. However, other items can have personal value and meaning to loved ones, and these items should also be addressed. List those that may be considered important to your family or friends, such as books, old photographs, inherited jewelry, or household belongings.
4. Provisions for Older Adults
Many members of our New Jersey community have older adults we provide care for. Be sure and mention them in your estate planning documents. If it is personal services such as calling on them regularly or taking them to doctor appointments, you may request someone you know complete these tasks. If you provide financial support or anticipate doing so in the future, consider allocating these funds through your will.
5. Provisions for Pets
Pets are an important part of the family, and you want to ensure they are provided for in the event you are unable to care for them yourself. Include them in your will and with your powers of attorney. Find someone in advance who will agree to take responsibility for them in the event of your death or if you become incapacitated. Make provisions so that this person will have the funds they need for food, veterinary care, and potential boarding costs.
Speak With Our Middlesex County Family Law Attorney
To ensure your will includes the above items and that other appropriate estate planning documents are in place, reach out to the Law Office of Jordan B. Rickards. To speak with our Milltown family law attorney, contact our office and request a consultation today!