3 commonly forgotten will items
Published 16 Apr 2018
Over a lifetime, we all tend to collect a number of different assets - houses, cars, household items - just to name a few. As such, when it comes to writing a will, it's easy to forget to add some of the more obscure parts of your estate.
Of course, while some of these items may not be worth much financially, given the choice, you'd like them to be allocated properly after your death. With this in mind, here are three commonly forgotten items to add to your will.
1) Arrangements for pets
Pets are with us through thick and thin and are often considered part of the family. As such, it makes sense to make preparations to who will look after your pets when you pass away.
If, In the event of your death, no arrangements are made, it will be left to your family and friends to decide what happens to your pet. This means that it could end up in a shelter if nobody is keen to take on the responsibility.
To plan this part of your will, talk to your family to work out who would look after your pets and make particular provisions for assets associated to caring for the animal.
2) Access to social media accounts
These days, our lives are far less private than they once were. Facebook, Instagram and Twitter - the amount of content that we post online continues to grow every year. However, in the event of your death, you will want your loved ones to have access to some of this information.
For example, if you have precious family photos and stories on your Facebook account, it might be a good idea to take note of logins and passwords in your will. This way, the account can be deleted properly and any vital content can be saved for the future.
3) Beneficiaries of intellectual property
If you're a small business owner, there's a good chance that you have a patent or copyright for some element of the organisation. As it might have cost you a lot of money to create this patent or apply for copyright, it could also be worth quite a bit if somebody else wants to use it in the future.
In this case, you'll need to decide who inherits these documents and takes control of the asset moving forward.
To learn more about what to include in your will or to get started on its creation, talk to the expert team at Malouf Solicitors today.
Please call us on 02 8833 2000 to speak with a lawyer
I remain extremely grateful for Maloufs legal representation related to my financial management of the estate of my brother and for your continuing help and advice in this matter. As an aside, I always recommend Maloufs to my friends and family members who are seeking the best legal representation - only last week, I strongly advised a close family friend that their best interests would be served by arranging an appointment at your Parramatta offices.
John of Parramatta NSW