Important Issues to Address While Planning Your Estate

Although it can be very unpleasant to think about, it is important to prepare for your eventual passing by preparing your will and living trust. You may be tempted to think that you have everything figured out once those documents are put in place, but there are actually many other things that you should address with your family, close friends, and lawyer. This will make the process of handling your estate much easier.

This may be a very difficult conversation to have, which is why many people put it off. To make it easier, suggest ahead of time that you schedule an hour or two to have a practical conversation about your wishes. Write down everything that you need to address ahead of time, and then be sure that those written wishes are given to someone who will keep them safe until they are needed.

Some of the most important things to address regarding your estate are:

What kind of funeral do you want?
This is something that’s very important to specify to those that are closest to you, particularly if you have strong preferences. Give them a written list of where you want the service to be, and who you want to be involved, as well as any religious details that are important to you. You may also want to convey who should and should not attend – some people want a big funeral with everyone they know, while others would prefer something smaller and more intimate.

Is there anyone who needs to be notified of your death?
Although your family will likely publish an obituary as well as something online to notify people of your death, you may want certain people to be notified personally. Most people will want their employers to be notified right away, as well as their extended family. Additionally, if you have close friends that you want to receive a personal call, give their contact information to your family so that they have it accessible.

What information does your family need to access your bank accounts?
Upon your passing, your family will need to talk to your banks and ensure that your financial assets are managed properly until the will has gone through probate court and the money can be distributed. In order to do that, they will need the location and contact information for the banks, as well as any relevant identifying information that they would need to access the account. You may also want to notify them of where you kept the bank statements.

Do you have life insurance? How can your family access it?
If you have life insurance, make sure you talk with your family directly about what they should do with it. Let them know which insurance company holds the contract and where you keep all the relevant paperwork. You may also want to talk to your insurance company to let them know who would be handling the policy upon your death.

Where do you store important information that your family may need to access?
Ideally, you should keep all sensitive documents in one place for this specific purpose. When you pass on, your family is going to need access to information about your property and finances so that they can handle them properly. Organize all of your documents so that they are in one safe place, and then let your family know where that is.

By having this conversation with your family, you can save them tons of stress during an already challenging time.