It’s no secret that estate planning is an incredibly complicated matter, with a considerable number of assets that should be taken into consideration. Unfortunately, due to the complexity of this process, it’s not uncommon for certain assets to be left out of an estate plan. As such, to ensure that your estate plan is comprehensive, taking the time to understand what assets are most often left out is critical. The following blog explores what you should know about this matter, including what happens to the overlooked assets and the importance of working with a Medina, Ohio estate planning lawyer to help you establish an estate plan that represents your best interests.
What Are Commonly Overlooked Assets?
Largely, some of the most common assets that are often left out of estate plans are digital assets, due in part to the fact that many people are unaware that they need to include this type of property in their Will or Trust. Your online presence and accounts can hold a considerable amount of assets. As such, it is also important to consider matters like social media profiles, online storefronts, emails, rewards accounts, and even cryptocurrencies.
Other commonly forgotten assets include collections, whether it be books, jewelry, or even sports memorabilia. As such, it is critical not only to include this property in your Will or Trust, but to ensure that you also include money for the appraisal of this property.
On a similar note, many often forget to include property that has little monetary value but significant sentimental value. Even though a dresser built by your great uncle may not be worth much, it is still a family heirloom and should be included in your estate plan. This also goes for matters like baby clothing, photo albums, home videos, and any other important sentimental item you wish to pass down.
What Happens to Assets That Aren’t Included?
In the event you do not include certain assets in your estate plan, it’s important to understand what will happen to this property. Generally, any asset that is not included in a Will or Trust will be subject to the Probate process. This essentially requires your assets to be distributed to your heirs according to the Ohio State Intestacy laws, which are pre-determined channels in which assets will be divided among your kin. This may not align with your values, however, which is why ensuring you have a comprehensive estate plan in place is critical.
As you can see, creating an estate plan can be incredibly difficult to navigate, especially if you have a considerable number of assets in your name. That is why it’s in your best interest to connect with an experienced estate planning attorney with Krause Law. Our firm will do everything in our power to help you navigate these difficult matters so you can have peace of mind that your property and loved ones will be protected. Contact us today to learn how we can help you.
