5 Surprising Things People Forget to Include in an Estate Plan

When people think about creating an estate plan, they tend to focus on the basics, like drafting a will or deciding who will inherit major assets. Those are essential tasks, but there are other details that are also important but often get overlooked. When these things are missed, it can create confusion, delays and even conflict for your loved ones. Here are some of the most commonly forgotten pieces of an estate plan, and why working with an experienced estate attorney can make all the difference.

Forgotten Items in the Estate Plan

Beneficiary designations – It’s surprisingly common for people to create a will but forget to update beneficiary designations on things like retirement accounts, life insurance policies or bank accounts. The designated names on these accounts will take precedence over what is listed in your will, so if you forget to update them, that asset may go to someone you did not intend it for.
Digital assets and online accounts – Today’s world is extremely digital so that means that your estate will include more than just physical assets. People often forget about email accounts, social media, cloud storage, photos, subscriptions and online financial accounts. Including instructions and login information for access can save your loved ones a lot of time and frustration.
Pets – Most people consider their pets to be part of the family, but it’s common to forget to include them in the will. If you want to ensure that your beloved pets are taken care of when you pass, you can designate a caregiver in your will and even leave some funds for their future needs.
Funeral or memorial wishes – Many estate plans don’t make mention of funeral preferences or final arrangements. This can leave families guessing about preferred services, leaving them to make these choices when they are already in an emotional state. When the estate plan includes preferences for burial or cremation, religious traditions or prepaid arrangements, it can relieve the burden on loved ones.
Explanations for how assets are divided – If assets are not assigned equally among family members, it can raise questions and even cause delays during the probate period. Leaving someone out of the will can be viewed as a mistake and can lead to legal challenges. Including a letter of explanation can clear up confusion and provide proof of your intended heirs.

Working with an Experienced Estate Attorney Matters

Creating an estate plan on your own leaves it vulnerable to missing essential pieces. The experienced estate attorneys at Churchill, Quinn, Hamilton & Van Donselaar, Ltd. bring a level of insight that helps to ensure that nothing falls through the cracks. Some major advantages of working with our team include:

Comprehensive planning – we look at the full picture which includes your assets, your family dynamics, your needs both now and in the future, as well as any potential risk or legal issues.
Personalized solutions – every estate plan is different, just as every family is different with their own unique needs. We develop a plan that best fits your specific assets, accounts and goals.
Up-to-date legal guidance – estate laws change frequently, and it is essential to understand current rules and regulations when drafting an estate plan in order to remain compliant.
Avoiding costly mistakes – errors or omissions in an estate plan can lead to legal disputes, delays and unnecessary expenses. Our professional guidance can help prevent these issues before they arise.
Securing peace of mind – the goal of an estate plan is to provide a detailed explanation of how you want your financial and medical issues managed both during life and after passing. Its purpose is to make your wishes known, in order to provide clarity and security to loved ones. We are here to provide that protection and give you confidence that your wishes will be carried out as intended.

Contact our office today at 847-223-1500 to get started on creating a comprehensive estate plan, or to review your current plan to make sure it meets all of your needs.