The chances are that you have a pretty clear idea of what you have in terms of your assets and liabilities. And when the time comes to create a plan that protects your property and the legacy you leave for your loved ones, you likely will tailor that plan accordingly.
However, you could be overlooking assets that you were not even aware you had.
Secret marital funds
If you are married, you have marital property that will be distributed after you pass away. However, you may not know just how much you have. According to a recent poll, roughly 37 percent of spouses report that they have stashed money in a secret account. And they are hiding an average of about $2,000.
In other words, you may not know that you have thousands more dollars or valuable items as part of your estate.
Most Americans have a digital footprint. They bank online, operate virtual shops, and share information and photos on social media. These activities can create valuable assets that individuals want to protect.
When it comes to your estate plan, including your digital assets can be crucial. You can also make it easier for a trusted loved one to manage or close various accounts by including login and account information in your plan.
Debts and loans
If you owe money or someone owes you money, the transactions don’t necessarily disappear when someone dies. Your personal representative could very well have to deal with creditor claims, and in some limited circumstances, a loved one could end up being responsible for repaying a debt.
On the other hand, if someone owes you money, they could still owe that amount if you pass away. However, this can be a complicated issue, so talk to an attorney about any outstanding loans you have provided.
Finding all the pieces of your estate
People don’t always know where to look when accounting for all their assets and liabilities, either because they don’t know what they have, or don’t realize that what they have is valuable.
As such, it can be essential to seek experienced guidance and support when you are ready to create an estate plan. With help, you can be more confident that you have the comprehensive protection you desire.