Frequently Overlooked Aspects of Estate Plans

For nearly two decades, Kansas resident Aaron Jack has been working in the financial services industry. Holding FINRA Series 6, 63, and 65 licenses, he leads the Kansas-based company Genius Diversified Holdings, LLC, as president and is responsible for overseeing all daily operations. Throughout his career, Aaron Jack has written a number of publications and books that largely focus on the topic of estate planning.

Creating an estate plan is an important part of preparing for what happens after one passes. There are several commonly overlooked parts of an estate plan that are actually very important. The integration of technology in nearly every part of today’s world has created a relatively new part of an estate plan that covers digital assets. Paper is quickly being replaced by electronic data, and this information is often lost unless digital assets are included in an estate plan. Similarly, some other assets get left out of an estate plan due to an incorrect assumption that the last will and testament automatically covers all assets.

Many individuals also forget about creating a plan in case they become mentally incompetent. Estate planning is meant to handle one’s assets not only after death, but also in cases of mental incompetence. Further, single individuals and couples without children also commonly ignore estate planning, thinking it is not important. This often results in complicated estates being left behind, making matters more difficult for remaining family members.