When drafting a will or setting up a trust, most people understand that these estate planning tools will explain how they want their money, property and other assets distributed when they die, hopefully, many years from now.
Estate plans also name guardians for young children when their parents die, and designate representatives to make financial or medical decisions if people are too sick or injured to make them themselves. But there are other items that many don’t consider.
Three overlooked components to add to your will
Crafting an estate plan can be a sobering experience as none of us wants to think about our mortality, and some may ignore items they should include. Here are some you may have overlooked:
Review your plan frequently
Despite including these often-forgotten items in your will, continue to update your estate plan when major life events happen, such as deaths, marriages, births, retirements and changes to your employment. With the help of an experienced estate planning attorney at the Law Offices of Alice A. Salvo, you can make sure all your assets are distributed according to your wishes.