3 Things You Should Probably Include in Your Estate Plan

A good estate plan covers as many of your assets as possible.  Here are three things that may be missing, but should be considered:

1. Pets - I'm not suggesting you go the route of Leona and give all your assets to your beloved pet, but perhaps designating who will take care of the pet and then some funds to help will ensure that your cat/dog/etc. does not end up at the local adoption shelter.

2. Guns - Depending on the type of firearm you own, there may be federal and state laws restricting the transfer of the weapons.  Additionally, designating who is to receive the guns will help prevent the assets from being sold off to pay your debts after you pass away.  A more recent development in estate planning has been the concept of a "gun trust" - this is where the trust owns the guns, and the trustee has the right to use and maintain them.

3.  Unique collections - Like firearms, if you don't specify where these items go, they could be liquidated (read: sold) to pay off debts.  Perhaps there is someone who shares your passion and would appreciate your collection?  I recommend naming a specific recipient who can be trusted to take care of the collection.

If you have questions on how to get any of these accomplished, or you would like more information on how a Family Legacy Plan can take care of most of this list, feel free to contact Bobby Sawyer at (704) 266.0727 or rsawyer@sawyer-law.com.