Perhaps you’ve written your will and prepared your other estate planning documents, and you are feeling at ease about the state of your affairs. Well the process doesn’t stop there. Take the planning process one step further so that, after you have passed away, your children or other heirs will be able to settle your estate quickly and easily.
The key is staying organized. Make sure that you leave your heirs with lists of all assets owned by you and the details regarding those assets. This would include listing all of your bank accounts including the bank name, the account numbers, and the banker you deal with (if you have one); listing all Massachusetts and out-of-state real estate interests owned by you along with any tax records and sale records associated with your properties; listing retirement accounts and insurance policies with details regarding the beneficiaries and who to contact in the event of your death or disability; and listing any other assets that may be titled in your name including mineral rights, stocks and other investments, vehicles, etc. Once you are done organizing, make sure the executor of your will knows where all your organized records are located.
Having an estate plan in place is a huge step in protecting your family, but if your heirs don’t know where to look or what property is out there after your death, they will encounter a lot of stress from scrambling around trying piece together your estate. So do your heirs and executors a favor and STAY ORGANIZED!
For inquiries about the estate planning services offered by the Heritage Law Center and how we can help your stay organized, call today.