Most estate planning lawyers are capable of doing an excellent job creating an estate plan to address the transfer of financial assets. It is often the case, however, that not enough thought is given to intangibles, which do not have an exact financial price and are often worth much more for their emotional value than their financial value. In these situations, it is critical to consider non-financial assets in your estate plan.
Your Public Presence
Your public presence is how the world views you and includes things like your reputation, how you are received in the media, and any public content like books that you might have written. A correctly handled public presence can result in increased business opportunities, while an improperly handled public presence can hobble future growth. If you are involved with passing on a family company, brand, or other public legacy, proper planning will make a substantial difference in the future of its reputation.
Family plays a powerful role in defining our identities and our values. Performing some research into your family history can prove incredibly valuable. You might wish to pass on photographs and details about important events in your family’s history to make sure they are preserved by future generations.
While one can give back to the community in countless ways, there are likely some specific types of charities that reflect your personal philosophy. Charitable giving has the additional effect of involving your family in meaningful work that allows them to come together and give back to the community.
If you fail to create a sufficient estate plan, a beloved family pet might be passed between relatives or even put down because a suitable home cannot be found. Instead of leaving your animal’s future animal unconsidered, your trust or will can specify whom you would like to care for your pet.
There are various issues that you might like to address about how you are buried including whether you will be cremated, if there will be a visitation, and what your obituary will say. Deciding on these issues now means that your loved ones will not have to fight over them later during a period of grief.
A growing number of details about our lives are capable of being shared online through social media accounts as well as other digital accounts, emails, and online photos. You should make the decision now about how your family will receive this information after you pass away. You might even decide to not pass on any assets. You can store details about logins in a safety deposit box, but there are also digital applications like SecureSafe that can do the same thing digitally.
Contact an Experienced Estate Planning Attorney
Various issues must be fully considered to create an estate plan that achieves all of your goals. One of the best things that you can do if you are interested in estate planning is to speak with an experienced attorney. Contact attorney Jim A. Lyon today to schedule a free case evaluation.