23 Dec 10 Ways to Make Things Easier for Others In the Event of Your Death or Disability
No one likes to think about death or disability, but here are a few tips to make things easier for your heirs, beneficiaries, or those you trust.
1. Keep your estate planning documents in a safe place
It is generally more difficult to probate a copy of a will (as opposed to the original will) under Texas law. As a result, the original of the will should be kept in a safe place protected against theft, water, wind, fire, etc. that is easily accessible to someone you trust. Of course, this is based on the presumption that you have estate planning documents.
2. Give a copy of your most recent estate planning documents to your fiduciaries
Even if you keep the originals, you should give a copy to the ones you trust. Copies of documents are often recognized.
3. Keep your documents updated
Laws change frequently – whether by local, state or federal governments. Also, relationships change, health changes and the value of your assets change. As a result of the recent election, often adjustments will need to be made to your financial and estate plans.
4. Keep your beneficiary designations updated
Similar to 3 above, beneficiary designations (such as life insurance policies, retirement accounts, bank accounts and investment accounts) should be reviewed.
5. Consider potential conflicts
When considering who is an executor, trustee, agent under power of attorney, etc. you should think about family dynamics. Sometimes it is better to choose an independent party or a financial institution to avoid sibling rivalries, etc.
6. Communicate with fiduciaries
You should discuss with your executor, agent, trustee, etc., what you would like to happen upon your death or disability (i.e., stay at home as long as possible even if you need care, etc.).
7. Digital assets and passwords
Let your fiduciary know where your passwords can be located in case of your death or disability so emails, photos, bills, etc. can be accessed. Cryptocurrency has many secret numbers (private keys) that your fiduciary should know to be able to obtain cryptocurrency.
8. If you don’t have a specific bequest in your will or trust, have something in writing as to your wishes
Specific bequests in wills or trusts are legally binding. However, many choose to simply have a written memorandum on how specific items are distributed at death. The memorandum can be changed from time to time. This could include any pets you own. If you think there may be a dispute, it is better to address this in your will or trust. See our article on “Kellie Pickler in a Pickle” about issues to consider when doing a memorandum.
9. Burial or disposition of your body arrangements
Many pre-pay for their burial, cremation, or funeral. Others donate their body. This not only makes it easier for others, but it also resolves any potential disputes. You can also have a document called Disposition of Bodily Remains giving instructions and who would be in charge.
10. List of all assets, account numbers and advisors and where beneficiaries can be located
In addition to letting your fiduciary know about all passwords, all account numbers, contract numbers, policy numbers, registered titles (i.e., automobile, certain types of guns, etc.), names, addresses and contact numbers for your financial advisors, accountants, doctors, attorneys, heirs and beneficiaries should be kept and made available and accessible to such fiduciary.
If interested in learning more about this article or other estate planning, Medicaid and public benefits planning, probate, etc., attend one of our free upcoming Estate Planning Essentials workshops by clicking here or calling 214-720-0102. We make it simple to attend and it is without obligation.