If you have decided it is time to protect your family and create an estate plan, there are several steps you can take to assist your attorney. Below are a few tasks you should consider:
- Financial Accounts. Make a list of all of your financial accounts and any log-in information for the accounts you access online.
- Safe Deposit Boxes. If you own a safe deposit box, you should have another person’s name on it and provide them with a key. Failure to do so makes it more difficult for your family to access it when you are gone. If you own a home safe, make sure you leave the combination to it with somebody you trust. Consult with your attorney before deciding who this should be. Your attorney should provide specific counsel on this.
- Life Insurance. You might be surprised to learn that many policies never have a claim made on them because the beneficiaries were unaware that the policy existed. It is important to make a list of your life insurance policies and where they can be located, along with who the beneficiaries are. Making sure the insurance is considered as party of your estate plan should be a task your attorney assists with.
- Personal Information. It can be extremely helpful to your loved ones to have a record of your personal data. For example, your Social Security number, driver’s license number, loan numbers, credit cards, and any other identifying information or financial matters that will need to be taken care of once you are gone.
- Benefits. You should keep a record of the benefits you receive, including Social Security, retirement or pension payments, military benefits and other similar types of payments.
- Professionals. Provide your loved ones with the contact information for the accountants, attorneys, real estate agents and any other professionals you routinely use to handle your business or financial matters.
The above information will assist your attorney in creating a comprehensive estate plan. It will also make the handling of your estate as simple as possible for your loved ones. Taking a few hours to assemble the above lists can save your family months of trying to locate the information, as well as ensure that your loved ones obtain the payments you intended for them to receive upon your death. My favorite story about preparation came from a client whose spouse died unexpectedly. At the time of death, the client found that the spouse had created a file on their computer titled “If I Die” which contained all of the above and more information.
Don’t let the foregoing list prevent you from getting the essential estate planning documents prepared. Your attorney will assist you in deciding the priorities and essential information for the plan and documents to be prepared for you. The rest of the information is extremely helpful and will be valuable to your heirs, and make administration of your will or trust easier.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.