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When you plan your estate, gather and provide the necessary info

On Behalf of | Jun 17, 2016 | Estate Administration & Probate |

As we have talked about many times on this blog, it is very important for every person to plan their estate and to do so properly. You risk a lot — and your family could endure emotional and personal strife — if you don’t have a will in place and you haven’t established some crucial pillars of an estate plan such as a trust.

Given the “big picture” issues you have to deal with while you plan your estate, it is easy to forget about some of the mundane details that you have to provide in order to ensure your estate plan is in good shape. More specifically, we are talking about the information you provide (and need to provide) when planning your estate.

For example, consider all of the people you are naming in your will. The heirs; the beneficiaries; the executor; the guardians and/or conservators; for all of these people, you need to include their personal information, such as their contact info and their address.

You also need to identify and source your income and financial accounts so that your estate is thorough and compliant. Retirement accounts, pensions, stocks, profit-sharing plans, bank accounts, debts: they all need to be included in your estate. Additionally, you should list specific assets to include in your estate plan, as well as providing critical documents (such as marriage certificates and divorce decrees) that relate to your life.

A lot goes into an estate plan, and you want to make sure that you dot your I’s and cross your T’s.

Source: FindLaw, “Information You Need to Plan Your Estate,” Accessed June 17, 2016

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