What types of assets should I consider when creating an estate plan?
As a lawyer, I would advise you to consider all of your assets when creating an estate plan. This includes all personal property such as jewelry, furniture, and household items, as well as real property such as your home or any other land you may own. Additionally, any financial assets such as bank accounts, retirement accounts, stocks, and bonds should also be included in your estate plan.
It is important to remember that there may be limitations or exceptions to your estate plan based on your individual circumstances, such as any debts or liabilities you may have. You may also want to consider any existing contracts, such as prenuptial or postnuptial agreements, that may impact the distribution of assets upon your passing.
To ensure that your assets are distributed according to your wishes, it is recommended to consult with an experienced estate planning attorney who can assist you in creating a comprehensive plan tailored to your individual needs.
Furthermore, it is important to periodically review and update your estate plan as your circumstances may change, such as the birth or adoption of a child, marriage, divorce, death of a beneficiary, or a substantial change in your financial situation.
It is always advisable to seek legal advice from an attorney in your jurisdiction, as laws governing estate planning vary by state and can impact the distribution of your assets.