Making Life Easier on Family and Friends After Your Death
- Apr 20, 2017
- 2 min read
If you want to help ensure that family and friends don't experience excessive stress after you die, follow these steps.
Make A Will
It gives family and friends instructions about who gets what after your gone.
Can designate a guardian for minor children.
Can designate an executor; be sure to speak with him/her fist to ensure they are up to it.
Can pick a back-up executor, in case something happens/first person is unable to serve.
Always goes through the probate.
Think About Creating A Trust
You can be Trustee of your own trust while you are alive.
You can place any property you want in the Trust (i.e. home, land, investment accounts, etc.) while you are alive.
Once you die, that property passes to designated beneficiary and keeps it out of the probate.
Designate someone you know or a third party, such as a bank, to act as Trustee upon your death.
Requires specific paper work. Also requires real property be deeded to the Trust before your death.
Write Health Care Directives
Document expressing wishes for health care if you can’t verbalize your wishes
Health Care Declaration: part of Directives (aka Living Will and Power of Attorney for Health Care). Give documents to designated person, to allow him or her to make decisions when you can't.
Designate Financial Power of Attorney(aka Durable Power of Attorney)
Gives a trusted person authority to handle finances and property if you’re incapacitated and to manage yourself
Called Attorney-in-fact, but does not have to be an attorney
Protect your children
Name an adult to manage money and property for minor children after your death - can be the guardian designated in your will
Fill Out Beneficiary Forms
Name a beneficiary for bank accounts and retirement plans; see your bank
Accounts become automatically payable on death to that beneficiary and funds skip probate
Register stocks, bonds, or brokerage accounts to transfer to a designated beneficiary on death
Get Life Insurance
If you have a spouse, young children, own a home, owe significant debt, or believe you will owe estate tax when you die, this can be a good idea
Money designated to a beneficiary from Life Insurance does not go through probate
Make Plans If You Own a Business
Create a plan of succession if you own your own business
Put a buyout agreement in places if you own a business with others
Think About Estate Taxes
Most estates won't owe federal estate taxes
Talk to a tax professional if you are concerned
Consider Saving Money for Final Expenses
Depending on what you would like, it can cost a significant amount of money
Make Final Arrangements
Tell family and friends your wishes about organ donation; get it on your driver’s license
Tell family and friends if you want burial/cremation, church/no church, etc.
Store Documents
In a safe place (i.e. a safe deposit box/safe)
Tell your Attorney-in-Fact, Executor, and/or Trustee where they are
© Michelle V. Evenson 2017
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