It is important to share details about your estate plan with your loved ones so that they can do their best to make sure that your estate goals can be carried out. Deciding what to share, however, can be difficult. This article discusses several of the important things that you should make sure to tell your loved ones about your estate plans.
# 1 – Whether You Have An Estate Plan
It is important to inform your loved one about any basic estate planning documents that you might have including a last will and testament, power of attorney, health care proxies, or a living will. You might have even decided to create a trust to pass assets to beneficiaries. You should also tell your loved ones about any advance directives including financial or health care powers of attorney that you might have created to address any issues of incapacity.
# 2 – Where Your Estate Planning Documents Are Located
If you have created estate planning documents, it is also a good idea to tell your loved ones where these documents are located as well as who is able to access this information. If you die without your loved ones knowing where your estate planning documents are located, it will be nearly impossible to carry out your wishes. If you have decided to store your estate planning documents electronically, it is just as crucial to provide your loved ones with information about where you estate plans are located as well as details about how to access any passwords necessary to obtain these details.
# 3 – Who You Have Named as Executor
It is often valuable for loved ones to know who has been named the executor of your estate so that they understand who will be the party responsible for making sure that an estate is distributed in accordance with your wishes. In many cases, it is also a wise idea to inform your loved ones about the name and location of your estate planning attorney. Sharing this information helps your loved ones understand who and what is in control following your death.
# 4 – What Your Current Financial Situation Looks
Some people find it helpful to inform loved ones about the current nature of their assets. This includes providing details whether you own any property or have any business interests as well as providing updates about the current status of any loans that you might have. After your death, an executor will be faced with paying off any debts associated with your estate before assets can be distributed to any beneficiaries. The more informed that you can keep your loved ones, the easier a time they will have handling your estate after your death.
# 5 – What Your Funeral Plans Are
By the time estate planning documents become effective, it will be too late to ask if a person wants to be buried or cremated. As a result, it is important to tell your loved ones whether you want to be cremated, buried, have a religious ceremony conducted, or whether any arrangements have been made regarding the disposition of your remains.
Speak with an Experienced New York Estate Planning Lawyer Today
If you or a loved one needs assistance with estate planning, do not hesitate to contact Ettinger Estate Planning today to schedule a free initial consultation.