Much of the focus about estate planning concerns the protection of assets. What often becomes overlooked is the “touchy feely” emotional quotient, the distribution of family belonging to specific individuals. Which matters more? Here’s what it’s important to pay attention to while creating an estate plan if you want to protect the hearts of those you care about.
There are some general tips for avoiding the estate planning mistakes that many people tend to make.
It may be possible that you are excluding somebody on purpose. If so, write a few words in your will about why that is. After all, it is your decision. Sometimes indicating the reason for an exclusion can ease any hurt that a person may have.
When people think about their estate, they tend to think in physical terms (real estate, artwork, jewelry, etc.) We live in the digital age. What about your Facebook photo album? Do you have a family YouTube channel? Don’t forget about your digital assets.
As for the more technical aspects of estate planning, remember that laws change. If you move to the home of your dreams in another state, you may have to revise the documents. Also, the people you appoint as executor, guardian, or your healthcare proxy may undergo life changes that disallow them from fulfilling this role. Give this a glance every few years as well, and make sure you’ve appointed backups for each critical role.
Interested in learning more? Call us at (703)-934-4985 to set up a consultation.