There are many obvious items to consider when estate planning, such as the fate of the family home or the guardianship of children. But, some of the most important things may not be as obvious. British Columbia planners should consider these commonly forgotten items when drafting their wills.
While guardianship of minor children is rarely forgotten by planners, pets can sometimes fall off the radar. Pet owners should not only consider who should care for pets, but also how that care will be funded. Food, vet bills and care items can cost a fair amount, especially if the animal has health conditions or prefers luxury brands of food. Higher-maintenance animals, such as horses, may require additional planning as well.
Digital assets are also commonly left out of the equation, though they can be quite valuable for today’s planners. Online accounts such as PayPal, cryptocurrencies or even loyalty points should be carefully laid out in an estate plan, including access criteria. Instructions on what to do with a blog, social media account or other property should also be considered. In many cases, people choose to name a digital executor who is savvy online to complete these final requests and payments after they pass away.
Finally, one thing that people can sometimes forget is to let their beneficiaries know what the plan is. Direct communication can prevent conflict later on and save loved ones from estate litigation in the future. A British Columbia lawyer can help anyone seeking to draft, revise or execute wills.