Five Types of Assets You Should Account For in Your Estate Plan

When people think about how to divide their property when they pass away, they tend to think of more traditional forms of assets: bank accounts, homes, cars, heirlooms, and so on. However, there are some less traditional assets that can be easily missed, but which are nevertheless extremely valuable. Here are five types of assets you should make sure you account for in your estate plan:

1. Business assets
   • If you, like many Americans, own a small business, there is a good chance that you have invested a lot of money into assets for that business. This may include tools and equipment, products you have created, or business accounts you have set up. If you do not account for this in your estate plan, you could leave your heirs fighting for ownership of your business and its assets.
2. Intellectual property
   • The term “intellectual property,” or IP for short, broadly refers to three types of assets: trademarks, copyrights, and patents. IP can be incredibly valuable, whether they are a part of a business or not, and they are assets just like any other. If you do not account for your IP in your estate plan, it could result in a legal nightmare trying to divide up the rights among your heirs.
3. Cryptocurrency and other digital assets
   • As things like cryptocurrency and other digital assets have become more prominent, it has become more important for people to account for them in their estate plans. This includes not only information on how to access these assets, but also detailed information on where and how they are stored. Failure to do so can mean they could be the subject of litigation, or potentially even lost without the ability to recover them.
4. Online accounts
   • Similarly, you should make sure to leave behind login information for any important accounts. This may include access to banking or investment accounts through your bank website, access to cloud storage accounts for important files, or anything else you would not want to lose. Without this information, entire parts of your estate may become much harder to access, making the probate process that much harder.
5. Retirement accounts and benefits
   • Finally, you should make sure to include information on any retirement accounts or benefits you are entitled to. This may include a pension or 401(k), an IRA, or even Social Security information. By having this information on hand, your loved ones will be able to benefit from the investments you have made over your lifetime.

The elder law attorneys at David J. Lorber & Associates, PLLC will work with you to determine whether a guardianship might be necessary for your loved one, and help you to get a guardianship that will suit your needs. For comprehensive guardianship and elder law services in New York, call David J. Lorber & Associates, PLLC at (631) 750-0900 or contact us online to schedule a free consultation at our Setauket office.