If you currently have a will, then you are already far ahead of over half of American adults. A report by Fox Business found that only about 42 percent of adults in the United States have adequately planned for the division of assets after their death.
Even if you already have a will, it is a good idea to review it once every couple of years to ensure you still agree with everything. These check-ups are also good for spotting things you might have missed initially. There are common items that tend to become overlooked in the estate planning process.
Digital assets
This includes items such as passwords for social media accounts and domain names for websites. If you do not provide this information somewhere else, then it should absolutely go into a will. These materials will allow loved ones to access digital sites to carry on your legacy.
Mementos
Most people recognize the need to declare who shall receive big items, such as a house or car, after an individual’s death. However, there are smaller items that may have a lot of sentimental value to a child, spouse or another relative. A single piece of jewelry or old grandfather clock can spark arguments for those still here, so it is vital to take note of everything. It is also a good idea for you to talk to loved ones to see if there are certain things that mean a lot to anyone in particular.
Pet arrangement
Anyone with a pet needs to make sure their furry friend has shelter after they are gone. Family members may argue about who is best-suited for looking after the animal. When adjusting a will, consider who wants the pet and who can pay for all essential expenses. Without an adequate plan, the pet can end up in a shelter. You may also want to declare a secondary caregiver for a pet in case the first declines.