Will You Leave A Gift—Or A Mess?
April 14, 2009
Do you consider yourself an organized person? It seems that when it comes to organization some people have the gift for it and some people simply don’t. If you’ve ever had (or have currently) the overwhelming job of sorting through the estate of a deceased loved one, you know how very grateful you can be if that loved one had that gift for organization. If, on the other hand, you find yourself sorting bewilderedly through the estate of a less organized loved one, do not despair—Suzanne Barlyn of the Wall Street Journal has some advice to help you through it in her article, “The Mess They Left”.
The truth of the matter is that you can be a wonderfully organized person in life and still inadvertently leave a mess for your heirs simply because you don’t know what will be important after you’re gone. Here a few tips that will make a world of difference to the executor of your estate:
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Keep all of your estate planning documents (will, trust, powers of attorney, etc) together in one place, and make sure your executor knows the location.
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Keep updated lists of assets with your estate planning documents—including life insurance policies, retirement and investment accounts, bank accounts, property, etc.
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Make it as easy as possible for an executor to find any remaining debt you may have. File your bills in a tidy and logical location.
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Make a list of personal property and your wishes for it; this may be the hardest thing for you, but it will prevent emotion-driven bickering among your heirs. You would be surprised at what kinds of trinkets people will fight over.
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Don’t be secretive about your advisors. The people who advised you in life can be of invaluable service to your executor after you’ve passed away.
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Give the name and contact information of your estate planning attorney to your heirs ahead of time. The world of probate or trust administration can be strange and entangled, and your Estate Planning attorney can serve as a guide to your loved ones who may still be confused and in shock.
Whatever your natural tendencies may be, a little organization can be one of the greatest gifts you leave behind for your heirs. An hour or two you spend now getting your paperwork in order can save your executor weeks—or even months—after you’re gone.
Organize Your Estate for Your Successor Trustee
March 25, 2009
If you’ve ever been unlucky enough to have to execute a deceased loved one’s estate, then you know what an overwhelming job it can be. Think about your own method of organization. Do you keep all of your financial papers in one place? Do you keep your birth and marriage certificates nearby and easily accessible? What about insurance forms, information about retirement plans and beneficiaries, cemetery plots? Are all of those things located with your estate planning documents? This isn’t even getting into the more personal areas such as club memberships and online accounts and passwords.
Organizing your estate for your successor trustees can be a huge task, but one well worth the effort. It will not only make it easier on them, it can also make life a lot easier on you. Here’s how to do it: Use a large binder or collection of binders, and keep them clearly labeled, both inside and out. You can use the following bullet-points as a guideline for tabbed sections (and if you aren’t sure in which section something belongs, don’t be afraid to make copies for both, with a note as to where the original is located):
- Instructions and letter to trustee: Contact information for your Estate Planning attorney and trustees, instructions on how to begin the process.
- Minor children: Information about your minor children, nearby guardians or relatives, medical and health insurance information.
- Personal Information: Birth and marriage certificates, passports, family, friends and contact people.
- Estate Planning Documents: Trust, Wills, any amendments, personal property memorandum.
- Employment/Business Information: Contact information for supervisors, client information if you are a small business owner.
- Health Care: Advanced Health Care Directive, HIPAA, emergency contact information, phone numbers for doctors, health insurance particulars.
- Financial Powers of Attorney
- Real Estate and Tangible Property: Deed to your home, mortgage information, homeowners and fire insurance, vehicle records, artwork and antiques.
- Bank Accounts and Investments: Account numbers and locations, contact information.
- Monthly Expenses and Bills: A copy of one monthly statement for each.
- Taxes
- Retirement Accounts/Government Benefits: Account numbers, beneficiary information.
- Life Insurance: Account numbers, beneficiary information, premium payment information.
- Memorial and Burial/Cremation: Preferences, pre-paid arrangements, phone numbers.
- Memberships/Secured Accounts/Passwords
Once you are organized, keep your information in an accessible place and make your executor aware of the location. Keeping as much information as possible in a computer file is also a good idea. Then you can easily re-print a page when something changes. Don’t forget to back up your data onto a CD ROM disk or USB Drive, and keep that somewhere else for safekeeping.
Organize now to make things easier for yourself and your loved ones. You will enjoy the benefits now, and they will thank you later.
Jinies.com