Estate planning is a crucial task, but even with careful attention, some things can be overlooked.
Ensuring every detail is addressed can save your loved ones from unnecessary stress and legal complications. Here are a few often-overlooked aspects of estate planning that you should consider tying up.
Mineral interests
Even if your mineral interests seem insignificant now, they might increase in value after your death. Failing to transfer them to a revocable trust or secure succession by deed can trigger probate. A simple quitclaim deed during your lifetime can prevent costly probate later.
Safe deposit boxes
Access to your safe deposit box is limited upon incapacity or death by the rental agreement. You can add the box to a revocable trust to grant access per your preferences. Alternatively, you can authorize a trusted person access, possibly by adding them as a joint or successor owner.
Digital assets
In the digital age, your online presence and digital assets may be considerable, including social media accounts, online banking and digital photo libraries. Provide instructions and necessary access to your digital executor to manage these assets appropriately after your passing.
Passwords and codes
Poorly managed passwords, codes, and keys can create significant challenges. Compile a comprehensive list of these items and provide clear access instructions to help ensure your digital assets are accessible and efficiently managed by your loved ones.
Addressing these and any other loose ends in your estate planning process can provide peace of mind and protect your final wishes. Speak to someone familiar with Ohio estate laws to help you identify and address any additional loose ends.