Organizing for Your Heirs
When a family enters the home after a death, the priorities are sometimes overwhelmed by emotions and memories. Diving through desks, kitchen drawers and the shoeboxes in the closet are often necessary to locate and secure wills, trusts, financial statements, car keys, etc. This time is better spent on grief, consolation of family members, reflections on the life and love of a family member. You can help by organizing in advance.
Prepare a list of all assets including bank accounts, financial instruments like stock and bond holdings, real estate and vehicles for your executor, and let him know where this list is kept. One good idea is to update the list every year when you do your taxes, and keep the most recent tax return in the same location. Make sure to include a copy of your will and any trust documents in the folder. The original will should be in a safe location (like a fireproof safe or a safe deposit box) but a copy should be in this central location. A copy should also be in the hands of your executor or personal representative, so he or she can plan appropriately.
Sort and label your keys. This can be a bit of fun, when all the keys in your house land in a heap they trigger all sorts of memories. Remembering that car of thirty years past is fun, and so is throwing away the now useless spare key. The organized and labeled keys can be a big help, reminding your heirs about the storage locker, the RV trailer parked in a lot, or the locked shed in a public gardening plot.
2 Responses to “Organizing for Your Heirs”
Hi, good post. I have been woondering about this issue,so thanks for posting. I’ll definitely be coming back to your site.
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