There are some finer details that you should consider when you are planning your estate, but many people overlook them. In this post, we will provide a bit of a heads up so you can make sure that you cover all your bases.
Letter of Final Instruction
Expressing your wishes in writing is one thing, but you should also consider the situation that the executor will be faced with after you are gone. The executor will need some information to be able to complete the necessary tasks efficiently. This can be shared through a letter of final instruction.
If you are using a simple will as your asset transfer vehicle, the executor will administer the estate, and the trustee will be the administrator if you have a trust.
There are no set rules with regard to the contents of the letter, and it is not legally binding. You just determine what information the executor will need to administer the estate.
First, you can create a list of the people that you want the executor to notify about your death. This can be relevant professionals like your accountant, estate planning attorney, insurance agents, investment advisor, etc. You can also include extended family members and friends.
You want to share the physical location of important documents and keys to property. A lot of people manage financial accounts online, so you should provide the information that will be necessary for the executor to access the accounts.
This is a basic framework, but you simply ask yourself what they will need to know to handle their tasks and act accordingly.
Social Media Accounts
Most people have social media accounts, and some folks have blogs and/or websites. This is another area that you should cover when you are planning your estate.
You can include your choices with regard to the way that you want the accounts to be handled in your letter of final instruction, or you can pass the information along in some other way.
Final Arrangements
It is possible to make your funeral and burial arrangements in advance if you choose to do so. When you go this route, you can be certain that everything will be handled in accordance with your wishes.
Plus, you make things easier on your family during a difficult time when these plans are already in place.
Distribution of Family Heirlooms
If you have family heirlooms in your possession that have been handed down from generation to generation, you may want to carefully choose the correct caretaker for each item. The personal touch is meaningful, and it can apply to items that you have acquired during your lifetime.
Some people will take this a step further and give these heirlooms and valuables to their loved ones before they pass away. This can be a moving experience for you as the person giving the gift, and the gratification will work in the reverse direction as well.
Attend a Free Seminar
We are holding a number of seminars in the near future, and you can really build on your knowledge if you attend one of these sessions. There is no charge, and they are held at convenient locations, so this is a great way to connect with our firm.
We do ask that you register in advance so that we can reserve your spot. You can see the schedule and obtain registration information if you visit our seminar page.
Need Help Now?
If you already know that it is time to put an estate plan in place, we are here to help.
We know that it can be difficult to open up to someone that you have just met about personal matters. This is one of the reasons why a lot of people procrastinate when it comes to estate planning, but you can set those concerns aside.
When you work with our firm, you will immediately recognize our sincere commitment to our clients. We treat people the way that we would like to be treated if we were in their position.
All your options will be explained so you can make informed decisions. At the end of the process, you will go forward with a custom crafted plan that ideally suits your needs.
You can schedule a consultation at our Naperville, IL estate planning office if you call us at 630-568-8611. There is also a contact form on this site you can use to send us a message, and if you reach out electronically, you will receive a prompt response.
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- Changing “Irrevocable” Trusts Through Use of a Trust Protector - November 18, 2021
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