First, don?t worry.? That will or living trust you did is probably just fine (you have had it reviewed in the last five years, correct?) and all those other documents your attorney drafted for you are probably all up-to-date and in a safe and secure place.? But there may be one, last, and very important item you might not have with your estate planning documents: A letter of instruction.
The Challenges of Modern Society
I know that you know that it?s a different world today, but technology and society have changed.? I always tell people that your estate planning documents are simply an expression of what you want to have happen should you become incapacitated, or after you pass away.
Having practiced law this year for 25 years means many things.? One thing that it means is that I have seen a variety of circumstances that have complicated the administration of estates after people pass away.? Because we live in an internet world, if you think of all of the parts of our life that are wrapped up in that world, you can quickly see that there is information you need to pass on to your loved ones that may be critical to settling your estate.? What about your online banking password?? What about information on your investment accounts, and your bill paying service, and even on your Facebook account?? Who would have control of these things, and how would they get control, unless you tell them about the accounts you have, and how to access them?? That?s one of the purposes of a letter of instruction.
It?s not only important to put critical information down on paper for the people you choose to administrate your estate, but to keep that information with your estate documents, and in a safe place.
Here are some examples of other information, not typically found in a will, that you should put in writing and keep with your estate documents:
- A list of people to contact when you die and a list of beneficiaries of your estate plan
- The location of important documents, such as your will, insurance policies, financial statements, deeds, and birth certificate
- A list of assets, such as bank accounts, investment accounts, insurance policies, real estate holdings, and military benefits
- Passwords and PIN numbers for online accounts
- The location of any safe deposit boxes
- A list of contact information for lawyers, financial planners, brokers, tax preparers, and insurance agents
- A list of credit card accounts and other debts
- A list of organizations that you belong to that should be notified in the event of your death (for example, professional organizations or boards)
- Instructions for a funeral or memorial service
- Instructions for distribution of sentimental personal items
- A personal message to family members
I know it may be disappointing to think that you?re not quite done.? But each of these are very important instructions to pass on, also.
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About Mark Albertson
Mark Albertson is an attorney, who focuses his practice on Estate Planning, Elder Law and Special Needs Planningromney michigan derrick williams railgun jk rowling new book between two ferns ihop statins
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