When it comes to writing a will or setting up a trust, most people cover the basics: the house, the car, the retirement accounts, and maybe even the family heirlooms. But there’s one type of asset that often gets overlooked, despite being incredibly valuable—both financially and emotionally. This forgotten category can cause confusion, delays, and even legal battles if not properly addressed. And the worst part? You may not even realize it’s missing from your documents until it’s too late. Let’s explore the most commonly forgotten asset in estate plans and why you should take action to include it now.
1. Digital Assets Are Often Left Out
In today’s world, digital assets are everywhere—yet they’re rarely included in estate plans. These can include email accounts, cloud storage, online banking credentials, digital photos, cryptocurrency, social media accounts, and more. If a loved one passes away without documenting access to these platforms, families are often locked out permanently. This can lead to the loss of financial value (like Bitcoin wallets) or sentimental treasures (like family photos on cloud drives). Estate plans need to clearly list digital assets, access credentials, and who should manage them.
2. Reward Points and Travel Miles Have Value
Many people have airline miles, hotel points, or credit card reward programs that go unused after death simply because no one thought to transfer or claim them. Some programs allow transfers to a spouse or heir, while others require advance designation or expire quickly. Without including them in your estate plans, these valuable rewards may disappear into corporate black holes. It’s important to read the fine print of each program and add instructions to your plan. These points may not buy a house, but they can pay for a meaningful trip or save a loved one money.
3. Sentimental Items Without Clear Instructions
Not every valuable item has a big price tag. Jewelry, photo albums, letters, family recipes, or handmade gifts can carry tremendous emotional weight. But without being clearly included in your estate plans, these items can spark tension or even legal conflict among family members. The more specific you are about who should receive what, the less likely there is to be misunderstanding. Sentimental items may not appear on balance sheets, but they are priceless to the people who love you.
4. Personal Business Assets or Freelance Income Streams
Side hustles, small businesses, or creative income streams often go unmanaged after death if they’re not outlined in estate plans. This includes Etsy shops, YouTube channels, online courses, or freelance contracts. These income sources may be modest or substantial, but either way, they need to be addressed. Without a plan for who takes over or how to shut things down, clients or customers can be left in limbo. If you have a personal brand or online business, your estate plan should clearly say what happens to it.
5. Life Insurance Policies Without Updated Beneficiaries
You may have life insurance listed in your estate plans, but if the beneficiary designations are outdated, the plan won’t matter. Life insurance policies are governed by the documents you fill out with the insurance company, not your will. That means if your ex-spouse or deceased parent is still listed, they may receive the payout regardless of your current wishes. Always ensure your beneficiary designations match your broader estate plans to avoid painful surprises. Double-check these details annually or during major life changes.
6. Forgotten Bank or Investment Accounts
It’s easier than you think to forget about old bank accounts, employer retirement plans, or brokerage accounts opened years ago. If they’re not listed in your estate plans and no one knows they exist, they can become unclaimed property. That means your loved ones might never even know to look for them. Keep an updated list of all your financial institutions and account numbers in a secure place alongside your estate documents. This simple step ensures your hard-earned money isn’t lost to time.
7. Vehicles Not Clearly Assigned
Most people assume a car will just be passed to the spouse or next of kin, but without proper documentation, the process can be frustrating. Whether it’s a family SUV or a collectible car, failing to mention it in your estate plans can delay title transfers or probate proceedings. If a vehicle is still under loan or lease, those terms need to be addressed too. Clearly assigning ownership helps prevent headaches down the road—literally and figuratively. Even everyday vehicles deserve to be named in your estate plan.
8. Passwords and Access Instructions
This may sound obvious, but many people never provide a central location for their important passwords. From financial sites to subscription services, today’s accounts require layers of security that can be nearly impossible to crack without guidance. Without access, surviving family members might not be able to cancel recurring charges or retrieve important records. Including a secure, updated password list or using a password manager with shared access can save your loved ones serious stress. Your estate plans should offer a roadmap, not a dead end.
Estate Plans Should Reflect Everything You Value
The most thoughtful estate plans don’t just list the big-ticket items—they reflect the full picture of your life, values, and legacy. From digital photos to side businesses, forgetting even one asset can create confusion or loss for your loved ones. Taking time to review and update your plan ensures that everything important to you—financial or otherwise—is properly handled. Estate plans aren’t just legal documents. They’re love letters to your family, filled with the instructions they’ll need when you’re no longer there to guide them.
Have you checked your estate plans for overlooked assets? What steps have you taken to make sure nothing slips through the cracks? Let us know in the comments!
Read More:
What Are Estate Lawyers Warning Clients About in 2025?
Do You Know the Estate Planning Essentials to Protect Your Family’s Future?
The post The Most Common Asset People Forget to Include in Their Estate Plans appeared first on The Free Financial Advisor.
