It seems every time we have a death and an estate to process, there is some part of the overall plan that wasn’t perfect.
There is normally some part that was missed. Some part the heirs wished had been done a different way. Some old account that was forgotten. Last minute wishes that weren’t put in legal form to be properly executed.
I want to share with you a list that hopefully will jog your mind over the summer and help you be prepared and make the transition easier and better for your personal representative, trustees and ultimately beneficiaries of your estate.
- Have you talked to your family about your plans for your estate?
- Is there anything out of the ordinary that you may have chosen not to share? Should you share it before you can’t any longer?
- Would your family or others benefit from a personal letter that they would receive after death?
- Do your plans adequately reflect the legacy you want to leave?
- Can someone locate all of your important documents?
- Are you wills current?
- Are the beneficiaries in your wills what you want?
- Is your trust current?
- Are the current trustees still the right choice?
- Are the beneficiaries in your trust what you want?
- Are the special provisions in your trust correct for future generations?
- Have you moved to another state? Are there any new state laws that need to be considered?
- Have you created an inventory of all major assets, liabilities, accounts, etc.?
- Will someone have access to your phone, computer and all passwords?
- Are your Powers of Attorney current? These should be signed every 3-5 years to be safe. They don’t have to be changed, just signed.
- Are all other directives in place and correct.
- Have you made plans for gifting before you die or at death? Should you?
- Are there sentimental items that need to go to specific people? Should you have a list?
- Have you designated and REVIEWED beneficiaries on all accounts (large, small and forgotten).
- How will your residence be handled at death. This is especially important if you are not married. There are solutions that don’t require probate.
- Have you made funeral plans (service, burial, etc.)? Should you?
- Who should you forgive?
Most of us want to spend little time on these issues UNTIL it becomes important at the end.
Take the summer and reflect on some of these. Make notes as things come to mind. Commit to work on them. Talk to your spouse. Talk to your family.
Call me if I can help. I hope you have a great summer!
