Many New York residents who diligently plan their estates tend to overlook some important things in their wills. One of the most crucial elements that a lot of people forget to include is an alternate beneficiary. In the event that the primary beneficiary is deceased or unable to inherit assets because of their age or mental capacity, a will must leave instructions for a backup plan.
Most people think of estate planning in terms of financial assets and real estate and forget about their personal property. However, a will should include instructions for the distribution of personal property that may hold sentimental value to family members. When there is no personal property memorandum in a will, family members could end up fighting over the objects that they are most attached to.
Another aspect of estate planning that many people tend to forget about is writing provisions for digital assets. Keeping a detailed record of all online account usernames and passwords could save loved ones a lot of headache. While some websites could be financially valuable, others may hold irreplaceable photo and written communications archives that loved ones may want to preserve. Some people may want their Facebook and Twitter accounts deleted after their death, and it is important to include these wishes in a will.
Working out the details of a will with an attorney is a good way for people to ensure that they have not left any key provisions out of their estate plan. An attorney may be able to help ensure that clients included prearrangements for their pets and personal property as well as any other important instructions for beneficiaries. An attorney may also be able to help an individual who is updating an existing estate plan.