It’s difficult to think about your death, and it can even be more unpleasant to think about dying unexpectedly. However, there are a few simple things that you can do now to make life easier for those who will be handling your estate after you have passed away.
The other day, we met with a widow whose spouse had recently passed away. While she had a general idea of their assets, she did not have a complete understanding of the couple’s assets.
This made the transition more difficult and added stress to what was already an extremely difficult time. Even though they had a revocable trust, we found out that it wasn’t properly funded. That meant increased costs and time spent on cleaning up the estate plan.
The first step is creating the right documents for you. Another important aspect in estate planning is giving your decision-makers a good tool to organize your financial affairs.
We recommend an asset organizer which you can complete with a listing of all your assets, how they are titled, named beneficiaries, all in one place for the trustee to have a snapshot of the assets they will be responsible for.
The following is a list of items or documents that you should think about put together for your trustee:
Rather than having your trustee read your trust and then also figure out the trust assets, give them all the information they need to execute that tool to make their job as easy as it can be.
If you need any help regarding your estate or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.
As a blog exclusive, we also have some free estate planning resources for you! View our life planning guide and our estate planning checklist below to either begin your estate planning or check to be sure you're up-to-date on your documents.
Sivia Law presents a six-step checklist to create your own “Life Planning Guide.” This guide helps you advise your loved ones so that they can honor your wishes for your health care desires as well as for the distribution of your estate.
Click here to learn more!
When it comes to planning your estate, having a checklist and important documents in hand is a key part of the process.
Click here to get started with your estate planning checklist!
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
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