Primary Residence Many individuals do not consider creating a living trust until they acquire a primary residence . Determine if your primary home will need to be sold or if funds will need to be set aside to maintain the home upon your death . If your beneficiaries are independent adults , perhaps the home needs to be sold to fund gifts or trusts . If your children are minors or you have special-needs individuals you want to care for , will you leave your home in a trust with enough funds to maintain the home , pay the mortgage , property taxes , etc .?

Second homes or Rental Properties Trustees are required to follow prudent investor rules requiring they consider the purpose , terms , distribution requirements and any other circumstance of the trust when making investment decisions . You may enjoy this additional property , but your beneficiaries may not . If it ’ s important that the property remain “ in the family ,” then you will need to provide direction to your trustee .

Personal Property Often , family disagreements occur over a family heirloom that may not be the most valuable asset owned . As a best practice , talking to your beneficiaries about who will receive personal effects can help your executor avoid family discomforts and clean out your home to prepare the home for transition . Make a list of your personal belongings pictures , furniture , artwork , collections ( books , stamps , etc .), family heirlooms , cars , etc . and list who you benefit . At death , a value will be assigned to each personal property item and as part of your estate value . Leaving personal property unlisted or without naming a beneficiary can delay transitioning your wealth . The listing should be separate from your will or trust agreement for ease of updating .

Retirement Accounts These assets pass by beneficiary designation instead of in accordance with your will or trust agreement . It ’ s best practice to name both a primary and a contingent beneficiary . Naming a secondary beneficiary protects the account owner in case of the premature death of the primary beneficiary and allows for disclaimers of benefits . It ’ s very important that the beneficiaries named be consistent with your overall wishes as shown in your will or trust agreement . If you ’ re planning on leaving retirement accounts to charities , they may be prohibited from holding certain types of investments which may entail additional planning and communication with the charity and your fiduciary .

Digital Assets In today ’ s digital world individuals have gone paperless . Leaving a list of your virtual assets and codes , online accounts and passwords available for your executor or trustee to access right away can avoid complications . Include in your list login information on your social media accounts . Set up executor or trustee authorization for Apple or Android devices to allow phone access .

Although virtual assets such as NFTs and virtual coins are not tangible assets , leaving codes in a good old safe deposit box is a best practice .

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