Estate planning takes many steps to be sure that things go smoothly in the future. It is crucial to do this carefully so that all of your intentions are properly fulfilled.
According to Kiplinger, here are some things that you can do to prepare your affairs for your executor.
Get As Organized As Possible
Executors appreciate a well-organized, detailed estate. This makes their job easier and leaves less room for errors to happen. Therefore, it is vital for you to leave things as documented and methodical as possible. You should memorialize in one place a list of important information, including:
- Assets, debts and liabilities
- Accounts and passwords
- Contact information for professional advisers such as attorneys and accountants
Discuss Things With Your Family
Often families and loved ones have no idea what is actually contained in a will. Sometimes there are nasty surprises that create a lot of drama in a family already having a hard time with dealing with the death of a loved one. To keep this from happening, you should have detailed conversations with your beneficiaries. Inform them about what you plan to do with things like real estate and family heirlooms. After all, it is preferable to keep the peace among your survivors after you are gone.
Write Out Your Objectives
Executors are not mind readers. However, if you write out a letter of direction to explain what your wishes are, it is easier for the executor to carry things out in a more precise manner. That way, she or he can better understand the emotion behind your intentions and enact them in a way that would make you happy.