When it comes to estate planning, certain assets warrant additional attention. Four examples to keep in mind are:

Businesses: those that require special licenses or specific kinds of expertise will necessitate the appointment of an individual who is authorized to administer the asset.

Firearms: a licensed trustee will be needed to oversee the storage, use and dispersal of firearms amongst designated beneficiaries.

Pets: the establishment of a pet owner’s trust eliminates any future problems related to things such as veterinary costs.

Jewelry: itemization, secure storage and the appointment of a successor are all important things to be addressed by the owner.

See Gerry W. Beyer, “Planning for Special Assets,” Wills, Trusts & Estates Prof Blog” (August, 17 2014).

Posted by Caroline Lisankie, Associate Editor, Wealth Strategies Journal