A common concern for many is the impact of their death on those they love. On top of the emotional upheaval that may come with your loss, your family may also face estate administration tasks that can be overwhelming.
Fortunately, proactive planning can lighten the load on your family and your chosen personal representative (estate executor). Taking deliberate steps now can make the process smoother, less stressful and more manageable when the time comes.
Make your estate plan accessible
Creating an estate plan is the first step. Making certain it is accessible when needed is critical. Store the documents in a secure yet reachable location, such as a fireproof safe or with your legal representative. You can also create digital copies and grant access to trusted individuals.
Taking this step can go a long way in preventing unnecessary delays in initiating the estate administration process.
Provide clear and detailed instructions
Ambiguity in your estate plan can cause confusion and disputes. Avoid this by leaving precise directions about how you want your assets distributed. Include details about funeral arrangements, debts to settle or care for dependents or pets.
You can also attach a letter of instruction to your will that provides helpful information, such as how to obtain legal guidance when necessary.
Consolidate financial records and accounts
Having scattered financial information can burden your executor. Compile a comprehensive list of accounts, investments, insurance policies and debts. Keep the file updated and accurate to reduce errors and confusion.
Remember to include account numbers, contact information and passwords (stored securely). A consolidated record saves time and reduces the risk of overlooking critical financial matters.