Are you familiar with estate planning?
An estate plan is a crucial document that outlines your final wishes and arrangements for your assets and properties after you pass away. Many assume that creating an estate plan only involves distributing their assets to their loved ones.
However, you can include several other things in your estate plan that you may not have considered before. Let’s discuss seven things you didn’t know you could include in your estate plan, and how a Houston estate planning attorney can help you organize them.
Before we get into some uncommon documents to include in your estate plan, let’s discuss the must-have documents that are the most common in estate planning.
The most common estate planning documents include:
Each document serves a unique purpose in ensuring that your final wishes are carried out and that you are taken care of in the event of incapacitation. It’s important to work with an experienced estate planning attorney to ensure your estate planning documents are tailored to your unique needs and preferences.
Now that we’ve discussed the most common and crucial estate planning documents, let’s get into the different documents you can include in your estate plan that you may not have thought of.
An ethical will is a document that allows you to pass down your values, beliefs, and life lessons to your loved ones. It is not a legally binding document, but it can give your family valuable insights into your life and intentions.
Your ethical will can be in the form of a letter or video, which can be included in your estate plan.
If you have a favorite charity or cause, you can include a provision in your estate plan to donate a portion of your assets to that organization. Charitable donations can help support causes that you’re passionate about and leave a lasting impact beyond your lifetime.
In today’s digital age, it is essential to designate a digital executor in your estate plan. A digital executor manages your digital assets, such as social media accounts, online banking, and email accounts.
By designating a digital executor, you can ensure your digital legacy is managed according to your wishes after you pass away.
You can include a provision in your estate plan to establish a pet trust if you have pets. A pet trust allows you to set aside funds to provide for your pets’ care after you pass away. You can specify how the funds should be used and designate a pet caretaker.
Many people don’t consider their funeral arrangements when creating an estate plan. However, you can include your final wishes for your funeral arrangements in your estate plan. This can include details such as burial or cremation, the type of service you want, and any specific requests.
In addition to your funeral arrangements, you can also include instructions for end-of-life care in your estate plan. This can include details about the medical care you want or don’t want, who you want to make decisions if you can’t, and your preferences for pain management.
A trust is a legal document that can help you manage your assets during your lifetime and after you pass away. There are several types of trusts, each with unique benefits. Setting up a trust specific to your needs ensures that your assets are managed and distributed according to your wishes.
Creating an estate plan is essential to preparing for your future and ensuring that your final wishes are carried out. While many assume that estate planning only involves distributing assets, you can include several other things in your estate plan, as discussed today.
The knowledgeable team at Your Legacy Legal Care™ in Houston can help you create a comprehensive estate plan that reflects your values and intentions. Contact us today to schedule your consultation.
Kimberly Hegwood is the Managing Attorney of Your Legacy Legal Care, a Houston estate planning law firm. With more than 25 years of experience practicing law in Texas, she represents clients in a wide range of legal matters, including elder law, asset protection, estate planning, Medicaid crisis planning, probate, guardianship, and other estate planning practice areas.
Kimberly received her Juris Doctor from the South Texas College of Law and is a member of the State Bar of Texas.
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