Many readers in Lee County, and other localities across the U.S., understand the importance of creating estate plans and writing wills. Talking about their end of life wishes and plans, however, can be hard for some people and so neglect to share that information with their family members or heirs. For loved ones who are struggling with the loss, not knowing can serve to only further complicate an already difficult time.
Even with an estate plan in place, it can be difficult for a person’s heirs to locate their accounts and information after their death. This is why it can be so important to let your family members know your plans and where to find your information and documents when the time comes. In addition to creating an estate plan, experts reportedly recommend making a list of your pertinent details, such as banking and investment accounts, and sharing where to locate the list and other documents with whomever you are planning to have handle your affairs.
An estate plan will often include a number of legal documents, including a will, power of attorney and any trusts you have established or want created upon your death. Increasingly, experts are reportedly recommending that people give a copy of those documents to any family member or friend who you have given consent to make decisions for you. This way, the appropriate people will already have these documents on hand in the event of an emergency, which can save valuable time.
Anyone who is considering drafting estate planning documents, or who wants to modify existing documents, may find it of benefit to consult with an experienced attorney. A lawyer can explain the options available and help you to create a plan that will fit your needs.
Source: Tulsa World, “Money Power: Let family know your estate plan,” Jessica Anderson, Nov. 24, 2013