Do you have a precious collection of watches or a box of vintage figures? Maybe you’re a keen stamp or coin collector. Have you ever wondered what would happen to these gems if you were to pass away? Writing your will is not only about crossing the legal T’s and dotting the serious I’s; it is about outlining who gets what after you’re gone.
Welcome to Drama-Free Estate Planning, Part One: Our Lighthearted Guide to Estate Planning.
Hidden Gems
Many people assume estate planning is all about the serious stuff – property, savings, insurance, businesses, cars, pensions. But what about the smaller things? Maybe you have a sibling who would cherish your vinyl collection, or a best friend who would love your 70s wardrobe. Or perhaps you have some very special items that hold significant sentimental value to you, and you want them to go to someone who will respect what they mean to you and look after them.
Who Gets What…and Why?
We accumulate memories through life in all forms – jewellery, letters, handmade gifts, special garments. It feels criminal to have them end up in a landfill or hidden in a garage or a loft. List the things that matter and have a serious think about who should get what. Ask yourself, ‘Why should they get this?’ and if you like the answer, decision is made!
While it is important to cover all of the things that matter, you should be mindful not to hoard. Your loved ones do not want to be left with lots of clutter. Anything that is not of monetary or significant sentimental value can be donated, recycled, sold or thrown. Be practical and only gift things that mean something. When you die, your loved ones are likely to search for a will, and you want to ensure they can easily find it and that everything they need to know is in it.
Drama-Free Digital Afterlife
How many of your photos exist purely in digital form? How many paperless, online accounts do you have? Exactly! The digital afterlife is a very real thing and must be considered when estate planning. Who do you trust to manage your digital legacy? Some social media accounts offer a ‘memorial page’ feature, allowing you to designate someone to manage your accounts after your death. Ensure you securely store logins and passwords for all online accounts you may need, including those for cryptocurrency.
Choosing Your Executor
The executor will administer your estate and distribute all of your assets and belongings to your designated beneficiaries. You need to ensure that the person or people you select are willing and capable of this task. Similarly, if a loved one passes away and you are asking, ‘Am I a beneficiary in a will?’ the executor will be able to clarify this for you.
Contact WillFinda on 01376 350976.
