Ways to Clean Up Your Estate Plan

Throughout the course of your life, anything can happen – finances can change, you can embrace new family members, accidents can occur. Under the assumption that you’ve already created a will, have you considered how much time has passed since you made it? What kinds of things in your life have changed? An estate plan should grow and change as your life does so it stays as relevant as possible.

A prime example is if you specified in your original will that your home would go to your daughter once you’ve passed away, but since putting that clause in writing, you sold your house, your will needs to be updated. By ensuring your will is an accurate representation of your estate, you make your executor’s life much easier.

The big items are obvious – houses, cars, that stunning original 1980s surrealism painting. These are the items that everyone thinks of when laying out their estate. While these items are important, they are a small fraction of a person’s estate. Dozens of smaller items, many with sentimental value, play a valuable role in one’s life so they must be considered when creating an estate plan. That old rocking chair that’s been passed down generation to generation? That’s just as important as your car. That beautiful vintage Rolex you’ve been saving for someone special? It qualifies as part of your estate.

Family conflict and disputes can arise when considering these smaller items even more so than the highly valued items. Although it can ultimately be hard to predict, if you know of any items that could cause conflict, putting clear instructions in your will saves a lot of time and heartache.

Laws change on a state by state basis, so it’s important to know your state’s particular set of rules regarding wills/estate plans. For instance, certain states ban handwritten wills while others have a minimum number of witness signatures required to notarize the document. Working with a qualified estate planning attorney can make the process much easier as they will have a deeper understanding of the legal parameters of your state.

Upon your death, family and close friends will be in a state of blinding grief. The furthest thing from their minds is planning out an entire funeral. In addition to that, your wishes are highly individualized so pre-planning your funeral will ensure that your final wishes are met to the fullest extent possible. Do you want to be cremated or buried in a casket? Do you want scripture read? A certain song played? Flowers or Charitable donations? These are all things one has to consider.

The idea of picking out a funeral home can seem grim and morose, but most funeral directors will be very accomodating. Many will be more than happy to meet and create a pre-plan for a nominal fee.

Finances run hand in hand with estate planning. It is essential that your executor knows any bills, recurring payment plans, bank account numbers, passwords, etc so they aren’t hit with a sudden onslaught of charges and fees after your death. Simply writing down your passwords, account numbers, access codes, and security question responses will save them a lot of time and grief.

In today’s times, it’s also important to remember those pesky online subscriptions – your monthly Netflix bill won’t stop coming automatically. It can be easy to forget as a paper bill isn’t typically sent out, but they can easily run up thousands of dollars worth of debt if not handled.

In the instance that your a caregiver of sorts – a parent, a caregiver for a disabled relative – having a highly detailed plan that clarifies their care after your death is recommended. Pets also fall under this category and one must take special care as laws can vary by state. With pets and livestock, a verbal affirmation to the family member inheriting them could suffice, but it never hurts to get it put in writing.

In the end, every single thing you own will have to find a new home. That new home can be a dumpster or the mantle of your child’s fireplace, but it must be dictated one way or another. Even though your beneficiaries may agree on who is allocated what items, issues can still arise and morph into much larger debates. Writing a clause in your estate plan about all the random items is important and will make the transition faster and smoother.

Your family members will have enough on their minds when you pass away. Creating a comprehensive estate plan can make everyone’s lives easier through such a difficult time. Please start helping your family by contacting one of our highly regarded estate planning attorneys!