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How could estate planning address non-financial assets?

| Jun 16, 2021 | Estate Planning |

Estate plans often focus on addressing financial assets. For example, a last will and testament might direct named brokerage accounts to a particular heir. A power of attorney grants financial decision-making authority to a specific agent. Not all aspects of New Hampshire estate planning involve financial assets, though. Non-financial ones could also deserve consideration when preparing your estate plan.

Making decisions about non-financial assets

Who says an estate plan cannot include a “secret” family cake recipe? The steps to make the cake may appear in written form or come to life via video. The testator might wish to see this recipe live on and provides the secrets to a particular beneficiary, hoping he or she carries out the “passing down” tradition.

While bequeathing a recipe might not be as important as dealing with real estate distributions, no rules bar someone from putting such an “asset” into estate planning. Ultimately, all sorts of non-financial assets may have value to surviving relatives and friends.

Thinking the non-financial assets through

A departed loved one may wish to see his or her legacy continue. Perhaps the testator made great commitments to charitable causes and wants surviving family members to do the same. Leaving some money or other assets to charity is possible when engaged in estate planning. Putting together a compelling message asking family members to commit time and effort to assist the charity may also be worthwhile.

Other directives could exist in the will. Maybe the testator wants certain public relations activities to continue. The will might come with provisions asking heirs to handle publicity work.

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