Estate planning can be a pretty unpleasant and daunting activity. According to the available data, 65% of Americans think so, too. After all, who would want to broach the subject of one’s death?
But if this is why you’ve been putting off planning for the inevitable, you should think again, as estate planning is integral to keeping your legacy alive.
Here are three things you need to keep in mind as you start preparing your estate plan:
Cover your digital assets
In an interview, The American College of Trust and Estate Counsel (ACTEC) defined digital assets as anything that is not on paper and can be accessed with a computer. Examples of digital assets include cryptocurrency, media, emails and other online files. Remember to include instructions on accessing and managing these assets in your estate plan.
Don’t forget about your pets
Having pets is more than a lifelong responsibility. In the untimely event of your passing, you must ensure that your animal companions are not left out of your will. Designate a caregiver and allocate funds to ensure they are cared for even when you’re gone.
Consider giving to charity
Giving away not just to family but creating a legacy through charitable donations can be a meaningful part of your estate plan. Whether supporting a cause close to your heart or setting up a foundation, charitable giving can have a lasting impact and may also offer tax benefits. Talk to your lawyer if you want to know more about including a specific charity in your will.
By following these tips, you can effectively create an estate plan that helps you leave a lasting impact not just on your family but also on your community. So, start planning today to secure a brighter future for everyone involved.