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Decoding Asset Inclusion: A Comprehensive Guide to Identifying Key Items for Your Estate Plan

Older couple reviewing their assets while looking at a laptop

When it comes to estate planning, one of the most critical steps is identifying the key assets that will form the foundation of your plan. Including all relevant assets ensures that your wishes are carried out effectively, and your loved ones are protected.

At Krause Estate Planning, we understand the importance of personalized estate planning. Our professional team of experts is here to guide you through the process, providing clarity and authority every step of the way.

Real Estate and Property

One of the most significant assets to consider when planning your estate is real estate and property. This includes your primary residence, vacation homes, rental properties, and any undeveloped land you may own. It's crucial to have a clear understanding of the current value and ownership details of each property.

Financial Accounts

Financial accounts encompass many assets, including bank accounts, investment portfolios, retirement funds, and life insurance policies. Gather all relevant account information, including account numbers, beneficiaries, and contact details. Failing to include these assets in your estate plan can lead to complications and potential disputes.

Business Interests

If you own a business or have an interest in a company, it is essential to address these assets in your estate plan. Determine the value of your business, whether it's a sole proprietorship, partnership, or corporation. Consider succession planning and how you want your business handled in the event of incapacitation or passing.

Digital Assets

Including digital assets in your estate plan is crucial in this digital age. These can range from online financial accounts and cryptocurrency holdings to social media profiles and digital photo libraries. Creating a comprehensive inventory of your digital assets will ensure they are accounted for and managed according to your wishes.

Personal Belongings and Sentimental Items

While not always high in monetary value, personal belongings and sentimental items often hold great emotional significance. Include a detailed list of these items in your estate plan and instructions on distributing them among your loved ones. This can help prevent potential conflicts and ensure cherished possessions find their rightful homes.

Intellectual Property

If you hold any copyrights, patents, trademarks, or royalties, addressing these intellectual property assets in your estate plan is essential. Determine their value and designate how you want them managed after your passing. Clarifying your wishes regarding intellectual property will provide peace of mind for you and your loved ones.

Protecting Your Family & Legacy Since 1999

Remember, estate planning is an ongoing process. Life events and financial situation changes may require your plan updates. Regularly reviewing and revising your estate plan with the guidance of legal professionals will ensure that it remains up-to-date and aligned with your current wishes.

Take control of your financial future and protect your loved ones by decoding asset inclusion in your estate plan. Contact Krause Estate Planning today to schedule a consultation with our expert team. We proudly serve throughout Wisconsin, including Brookfield, Janesville, Madison, Middleton, Milwaukee, Oregon, Sun Prairie, Verona, and Waunakee. Together, we'll navigate the complexities of estate planning, ensuring a secure and well-rounded future for you and your loved ones.

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