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Why you should include all assets in your estate plan

| Apr 6, 2021 | Estate Planning And Probate

When you spend time creating a will, you want to avoid putting it at risk. If someone contests your will, it can create unforeseen problems for your family. It can result in extra expense, delay in distribution of your estate and issues between family members.

One area that can cause problems is any property you omit from your will. It can be easy to forget assets or believe they are not worth including.

Some assets could die with you if you fail to include them in your estate plan

After you die, your son remembers you said that you invested in cryptocurrency years ago. He realizes your investment will have grown and could help pay for your surviving spouse’s health care. The only problem is that you did not leave details or mention the cryptocurrency in your estate plan. No one can access it.

If you prefer not to include something in an estate plan, you could pass it on while alive

Perhaps you have a collection of family jewelry that you no longer wear. If you do not want to detail every ring or necklace, then why not bring it out the next time the family is together. Ask them which pieces they would like and let them take them away. It may need them to negotiate with each other, but you know people get items they will use. You, in turn, get to enjoy seeing them wearing the piece.

It can take time to list all your assets. If you start your estate plan when young and do not own much, estate planning will be more straightforward. You can update it when you gain or lose items.