It’s hard to imagine life going on in the wake of a death. Family members and friends may grieve for months or years, depending on the circumstances. During that time, it feels as if the world’s spinning has ground to a halt. It can leave loved ones feeling paralyzed and helpless.
It’s exactly this fact that makes imagining your own passing so important. For those closest to you, life will be on hold as they come to terms with their loss. Even if your assets are modest, thoughtful end-of-life planning can ease the decision-making burden placed on loved ones during their period of mourning.
Compile important records
Like all legal events, a lot of paperwork goes into estate planning and distribution. You’ll need property deeds, vehicle titles, official vital records, and other documentation to plan your estate; your heirs will need those same documents for probate. In addition, your documentation should include contact information for your attorney or estate administrator, passwords for important online accounts, and information regarding insurance policies, retirement accounts, and other relevant accounts. Compiling these important records will streamline planning for you and make probate less stressful for your beneficiaries.
Execute your will
Your last will and testament specifies the distribution of your assets after your death and names your estate administrator, or executor. It’s wise to name a backup executor to stand in for your original in the event he or she is unable to execute the will. If you have dependents, your will designates their legal guardians, and you may also include instructions regarding the care of pets. A coherent legally keeps probate proceedings straightforward and relatively stress-free.
Secure your virtual properties
Property is no longer limited to tangible assets. Much of our modern lives take place online, and when we die, we leave this vestige behind. If you own social media accounts, a blog or website, or other online property, decide how you want these to be handled upon your death and appoint a trustee to carry out your wishes. Consider installing a password bank on your computer to capture and store all of your important passwords in one place. You can share access to this account with your trustee, simplifying the management of these assets in the future.
Safeguard and update documents
Your original estate planning documents should be stored in a safe place, preferably a safe deposit box in a bank. Your attorney, executor, or another trusted party should have access to the documents wherever they’re stored. It’s not enough to safeguard documents, however. It’s important to also update them. Review your records annually to ensure they continue to reflect your wishes.
Hire an estate planning attorney
While the DIY approach to estate planning can save money now, it can create hardship for your beneficiaries later. State laws govern estate law, and a will that doesn’t follow those laws to the letter can create problems during probate. A probate attorney eliminates the risk of a poorly worded will leading to unpleasant surprises for your loved ones during an already difficult time.
Call the Law Offices of Jeffrey Lohman for more information on painless estate planning.