Discussing one’s death is not the first thing that most people want to do. Talking about one’s demise is not a pleasant subject for anyone in Lee County, but putting off preparing an estate plan can be a lot worse. By failing to have an estate plan in place you will not only leave your heirs with the frustration of not knowing your wishes, but in many cases, you might leave them with a lot of legal headaches to deal with as well.
There are several important steps that everyone should take as they prepare an estate plan. The first thing everybody should do is gather and organize all of their important financial information and documents that need to be passed on after they die. Bank accounts, retirement accounts, investments, real estate, and insurance policies should all be part of this gathering process. Not only do people need to organize all of this information, but they should make sure that their heirs know that it’s done and also where to find it.
The next step is to have a will, which should explain in detail how a person wants to have each of these items handled. Trusts and power of attorney documents are also important to have available if such documents exist. Another important thing to remember is one’s online presence, such as financial accounts, passwords and other important login information. Lastly, a person should spell out how he or she wants each of his heirs to receive their inheritance.
The bottom line when it comes to preparing an estate plan is to do it. If you need help preparing your estate plan, then you should seriously consider contacting an experienced estate-planning attorney.
Source: Time, “Want less stress? Get your estate plan in order,” Beth Pinsker, July 15, 2014.