What not to forget when planning your estate


(NC) When it comes to planning your estate, there’s more to consider than you might realize. Luckily, knowing the most common mistakes can help you avoid them. Whether you’re creating your first estate plan or updating an existing one, here are some things to consider.

Digital assets
We live in a technology-driven time, and that makes digital estate planning a must. From online banking and automatic billing to emails, social media accounts and even digital currency, digital assets are worth looking after. As you would with other parts of your plan, name a Digital Executor who can ensure all digital assets are handled properly.

In case of emergency file
This file places all critical documents in one place, so executors have direct and easy access to the will, bank statements, insurance policies, birth and marriage certificates, the cemetery deed and so forth. Other important information to include are funeral preferences, real estate deeds, property taxes, tax returns and computer user IDs and passwords.

Firearms
For those that enjoy firearms activities such as hunting, shooting or collecting, there are rules to follow when dealing with guns as part of an estate or inheritance. It is recommended that any executors, heirs or estate advisors are notified that you own firearms and the legal requirements surrounding transfer of ownership. If there is no heir for the firearm, the executor may sell, export, deactivate or dispose of it through the police, following the Canadian Firearms Program instructions. More information is available at canada.ca/firearms.


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