Additional Steps to Implement to Complete Your Estate Plan

Many of us find it difficult to think about our own demise, let alone naming someone to handle the distribution of our belongings, determining who would receive them, and, more importantly, deciding who would care for our family.

Drafting an estate plan can take time. Once these decisions are put into writing and documents are signed, it's essential to take the next steps to ensure your plan is carried out.

Ownership of Assets

Did your estate attorney recommend changing ownership of your accounts, home, vehicles, etc., to help with an efficient transfer of assets after you're gone? It's important to implement any recommended change immediately.

For example, if you're married, should a bank account that is now owned solely in your name be titled jointly with your spouse? Or, if you have created a revocable living trust, should your home now be titled in the trust's name, rather than yours? Ensuring ownership alignment is very important.

Not only does this allow for an efficient transfer of assets to beneficiaries, but it could also help avoid the probate process, which in some states can be quite costly.

Beneficiary Designations

Review the beneficiary(ies) of your retirement accounts, annuities, and life insurance policies every year or two to ensure the beneficiaries and allocation to each remain appropriate. This applies to assets with a TOD (Transfer on Death) or POD (Payable on Death) designation, which may include bank and investment accounts, real estate, and other non-liquid assets.

If your children (or perhaps nieces, nephews, grandchildren) are named as beneficiary(ies), do they now have children? If so, you may want to add "per stirpes" to their designation. Per stirpes directs that the beneficiary's share of the inheritance be distributed to their children if they predecease, rather than reallocated among the surviving named beneficiaries.

Document Important Information

Draft a memo for your loved ones to share the following information:

• All medical and healthcare providers, along with their location and contact information
• This same information should also be noted for your other advisors, such as a personal banker, investment manager, financial planner, attorney, or CPA.
• Medications, including name, dosage, and pharmacy
• Summary of all accounts with account numbers
• Utility providers and how bills are paid (auto-pay, online banking, check, etc.)
• Personal property, your wishes for leaving items to others, and the location of the items
• Where passwords can be found for all logins
• Login information for social media and other websites
• You may want to draft a letter for your heirs to share with them your family history, values, and wishes for their legacy.
• Last, but certainly not least, your wishes for the funeral, celebration of life, and burial/cremation

Share the Location of Important Documents

Share the location of your estate documents with your loved ones. The named Executor of your Will and/or Trustee of Trust(s) must know where these documents can be found, or you may share a copy with them. If documents are revised, however, be sure to replace old documents with new ones.

Signed Health Care Power of Attorney and Financial Power of Attorney documents should be given to the individuals appointed as such. Your Living Will (sometimes included in the Healthcare Power of Attorney document) should also be shared.

Summary

Implementing these "next steps" for making your estate plan complete can be time-consuming. It will, however, be helpful for your loved ones to know your "team players," as well as save them a lot of time when carrying out your wishes after you're gone.

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