23rd May 2022
It’s easy to think of the typical assets that are important to your estate and your family or beneficiaries. There are, however, some assets that most overlook but can be just as important. This article will review five of the most overlooked assets in a Will.
#1. Online Finances
Bank accounts are rarely forgotten when making a Will. However, with so much happening online these days, people may have funds in accounts such as PayPal, Venmo, eBay, and cryptocurrency. You should leave a detailed list of all online financial accounts, including passwords, to ensure that these assets are not overlooked.
This is especially true for cryptocurrency. If your family doesn’t have access to your account information, and no one can access it, those assets are gone forever. There is password manager software available that you can use to ensure that none of these assets are overlooked.
#2. Digital Assets
To ensure that none of the information on your phone or computer is lost, you should share your unlock codes with someone you know and trust. You can also save your online passwords in a secure password manager and make sure that someone can access that account as well.
Along with domain names, websites, and other online accounts, you should also consider social media accounts. Do you want your social media accounts continued after your death?
Facebook gives you the option to choose someone to take over your account should something happen to you. This can be especially important if your social media or other websites are used to generate income. You will need to address whether the business should be shut down or if it should be passed on to someone else.
People love their pets and want to make sure they are taken care of after they die.
You should name a primary as well as a secondary caregiver for your pet. It is also important to note that you cannot leave assets to your pet directly but you can leave them to the beneficiary you name as your pet’s caregiver.
#4. Items With Sentimental Value
Many times, items with sentimental items are overlooked when making a Will because they may not have much monetary value. Things such as family heirlooms, photo albums, and CD or DVD collections can be items that can turn into potential disputes if they aren’t written into the Will. An easy way to avoid this could be to allow your friends and family to choose items they would like before your death.
#5. Airline Miles/Loyalty Points
When writing your Will, you may not even consider putting airline miles or loyalty points in it. However, your family could miss out on thousands of pounds if you fail to have these in your Will.
With travel picking back up, people will be racking up airline miles that could be worth quite a bit. While some airlines will not allow your miles to transfer to a beneficiary, many will if you have it stated explicitly in your Will.
Loyalty points have become very popular. With loyalty cards to hotel chains and local shops, loyalty points can accumulate into a sizeable chunk of points through the years. Again, the terms and conditions of each scheme will determine if they can transfer loyalty points, but be sure to include them in your Will, just in case.
What Happens to An Asset Not In a Will
If there is an asset that you leave out of your Will that is jointly owned, that asset will automatically go to the surviving joint owner. If the asset is only in your name and you fail to include it in your Will, it will be distributed under the Rules of Intestacy.
Let Elizabeth Middleton Solicitors Help With Your Will
Making a Will and keeping it updated is the best way to ensure all your assets are distributed according to your wishes. Elizabeth Middleton Solicitors is here for you, whether you’re making a new Will, updating a Will due to a significant life change, or adding assets.
The team at Elizabeth Middleton Solicitors have been providing expert legal services to clients for over a decade. We know how important it is to plan for your future, and we provide you with the advice you need to ensure that your assets and family are protected when you’re gone.
Contact us today, and let’s come up with a plan that suits you.