When you plan your estate, you obviously have to record your wishes in writing with regard to the way you want your assets to be distributed. This will typically be done through the use of a simple will or a trust of some kind.
This is at the core of the endeavor, but you should see a complete picture. There is a human element, because someone has to do what it takes to bring these wishes to fruition. If you use a will, that individual is the executor, and the trustee is the administrator of a trust.
There is certain practical information that the administrator will need to be able to complete the necessary tasks, and we will share some insight here.
Who Should Be Contacted?
You probably want some people to know about your passing for personal reasons, and relevant professionals should be notified. For this reason, you should provide contact information that your administrator can easily access.
This can be done through the utilization of a letter of last instructions.
In addition to personal contacts, the administrator should inform your accountant, your attorney, life insurance agents, financial account liaisons, etc.
Location of Necessary Documents
The estate representative will be charged with the responsibility of inventorying all the assets, and final taxes must be paid. With this in mind, you should share information that will make it easy for the executor or trustee to access to the appropriate documents.
Physical property will enter the picture as well. The administrator must be able to access real property, vehicles, storage units, safe-deposit boxes, and the like.
Many people manage their financial accounts online, and if you are one of them, you should pass along the login information. There is also the matter of social media accounts, blogs, and websites. You should let the administrator know how you want these accounts to be handled after your passing.
You can proactively pay in advance for your funeral and burial or cremation expenses, and you would want to include all relevant information when you are composing this letter. It is also possible to share your preferences with the representative if you have not taken care of these matters on your own.
Access Our Estate Planning Worksheet
We have many blog posts that you can explore, and there are other written resources on this site that you can access free of charge. One of them is our estate planning worksheet, and it has been carefully prepared to convey a great deal of information simply and efficiently.
To get your copy, visit our worksheet access page and follow the simple instructions.
Attend a Free Webinar
Our attorneys are holding a number of webinars over the next few weeks, so you can get all this great information streamed to you in the privacy of your home.
There is no charge for these webinars, but we ask that you register in advance so we can reserve your spot. To see the schedule and obtain registration information, visit our webinar page.
Need Help Now?
If you already know that it is time to put an estate plan in place, or if you would like to revise your existing plan, we are here to help.
Our attorneys are sensitive to the fact that it can be hard to share personal information with someone you have just met. You can rest assured that we take this to heart, and we will go the extra mile to make you feel completely comfortable from the start.
We maintain a very safe office and we follow all best practices in light of the dangers that are presented by the coronavirus. Plus, we offer remote consultations as an alternative if you would rather communicate through video or teleconferencing.
You can send us a message to request a consultation appointment, and we can be reached by phone at 310-337-7696.