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Important parts of your estate plan

| Mar 3, 2021 | Estate Planning

By now, most people in Florida know that they should include their assets and properties in their will. However, there are a few other items that you should include in your will before you officially sign off on it. When you include more information, you’ll have more control over your estate.

What should you include in your will?

Many people don’t realize that they need to include their debts in the estate planning process. Make a list of your debts, loans, credit cards and mortgages so your family members get a full picture of your finances. You could also include instructions for paying off your debt using parts of your estate.

You should also include a list of any clubs and organizations that you’ve joined. This is partially so your loved ones can contact the organizations and notify them about your death but also because some organizations have special benefits that you might not know about. Some groups offer life insurance benefits that your beneficiaries can collect after your death even if you already have a life insurance policy.

Once you’ve made your lists with an estate planning attorney, make a few copies and keep them in safe areas. You might want to give one copy to your spouse and another to the executor of your estate. If you ever revise your lists, make sure you destroy all the earlier copies.

What else should you include in your estate plan?

An attorney could suggest other documents that you can add to your estate plan. If you supported charities during your lifetime, you might want to donate part of your estate to your favorite charities after your death. You could also include instructions for how you want your family members to use their inheritance. If you’re active on social media, you could list your usernames and passwords so family members can close the accounts.