There are so many different things to consider while writing a will that many people overlook some pretty important factors. If you haven’t updated your will in the past three to five years, it’s a good idea to make sure the following three things are accounted for.
Assets that exist online
Not everyone remembers that some objects we own only exist online. In some cases, these assets could pool a large sum of worth. If you have a large library of e-books, audible books, music, video games or movies that exist online, you should work with an estate planning lawyer to figure out how the assets can be transferred to family members through your will.
Your furry friend
Most people believe they will outlive their pets. However, a will should prepare your family for the unexpected. Also, some pets, such as parrots, can live to be 50 or even 100 years old.
In these cases, pet owners should consult beneficiaries about who might be willing to inherit their pet. Because pets are considered property by the state, this transfer can be simply written into the will. However, you can also consider whether or not you want to provide a fund for your pet’s expenses too.
The value of your items
While dolling out who should inherit what, it’s common to try to make these gifts equal between children or grandchildren. However, it’s all too common that people do not know the actual value of their antiques and collections. This can result in one family member getting a much higher value than the others or a much lower one.
An estate planning lawyer can help you get an idea of the worth of your items so that you can distribute them the way you see fit.