Here is a list of items every estate plan should include:

• Will/trust.
• Durable power of attorney.
• Beneficiary designations.
• Letter of intent.
• Healthcare power of attorney.
• Guardianship designations

Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.

If you die without a will, it means you have died “intestate.” When this happens, the intestacy laws of the state where you reside will determine how your property is distributed upon your death. This includes any bank accounts, securities, real estate, and other assets you own at the time of death.

Individual assets include all property titled in the decedent’s sole name without co-owners or payable-on-death and beneficiary designations. They commonly include bank accounts, investment accounts, stocks, bonds, vehicles, boats, airplanes, business interests, and real estate.

Superannuation is only dealt with by your Will if the trustee of the super fund elects to pay it to your estate. Superannuation can also be paid directly from the fund to your dependents without going through your estate. Most super funds allow you to provide a nomination that tells the trustee of the super fund where you want your member balance paid at your death.

“Digital assets” includes files stored on my digital devices, including but not limited to, desktops, laptops, tablets, peripherals, storage devices, mobile telephones, smartphones, and any similar digital device which currently exists or may exist as technology develops or such comparable items as technology develops.

Without proper planning, digital asset protection laws will stop your family from gaining access to your digital assets. However, if you include things such as passwords for accounts you want passed on, and specific language stating you wish for the accounts to be passed to someone else in your will, then you are much more likely to be able to bypass these laws and ensure your digital assets are not lost.