Ensuring Your Executor Remembers You Fondly
Creating an estate plan and thinking about your final wishes can feel overwhelming, especially when you realize that your loved ones will be left to carry out your wishes. However, there are many steps you can take TODAY to make life easier for your loved ones and Executor.
Let's start by assuming that you've covered the basics: You have a Will, your Executor knows that you've named them for this role, and knows where to find your original, signed, witnessed, and notarized document. What else can you do?
Put all estate administration documents in one place and tell your Executor where they are stored, including:
Birth certificate (certified copy or original)
Marriage certificate (certified copy or original)
Military discharge papers (original)
Bank statements
Insurance policies/cards (car, house, life, etc.)
Real estate deed (original) and property tax records
Vehicle title (original)
Note: Provide the Executor with instructions for both physical locations (e.g., filing cabinet, desk drawer) and digital locations (e.g., passwords, online storage). If you're curious, check out our blog post here that outlines the pros and cons of using a safe deposit box.
Pre-plan for pet care. If you have pets, you've (hopefully!) already specified a Caretaker for them in your Will (or Trust). In addition to naming a Caretaker, you can also make financial provisions in that document to help cover the pet's ongoing expenses. Beyond that, create a Pet Care Plan that includes a clear and detailed plan for their ongoing care. Remember to include information about their veterinarian, medical needs, food, and behavior.
Create a detailed financial inventory: List all bank accounts, investment accounts, credit cards, loans, and other financial assets. Include account numbers, contact information for financial institutions, and online access details (securely stored). Consider taking steps to allow for the quick consolidation of your bank accounts upon your death. You can achieve this by designating one account as the "consolidated" account and completing "pay on death" (POD) or "transfer on death" (TOD) paperwork for the other accounts.
Organize Digital Assets:
Create a list of online accounts (email, social media, subscriptions) with login information and instructions for handling them.
Consider using a secure password manager and providing your Executor with access instructions. For more information on setting up legacy access for digital/social/online accounts, check out our blog post.
Create a list of any online games, in-game assets, and instructions for how to transfer them.
Document Your Personal Property:
Use the Memorandum option (as allowed by your Will or Trust) and create a list of valuable personal possessions (jewelry, artwork, family heirlooms) and your wishes for their distribution. Taking this step ensures that your most treasured possessions are passed on to your loved ones the way you intend. It can also prevent future family disputes during a time of grief and heightened emotions.
Along with the list, consider drafting a life story that includes anecdotes, family history, and the emotional significance of certain items. Providing this context can prevent misinterpretations.
If you have hard-to-sell assets (such as a rare coin, stamp, art collection, etc.), make a plan for these assets: should they be sold or passed down to your beneficiaries?
Create a "Maintenance Manual" for Your Home: Compile a manual with information on:
Maintenance schedules for appliances, lawn maintenance, pest control, systems, etc.
Contact information for trusted contractors.
Instructions for the unique features of your home.
Information on the mortgage.
Contact information for those who have copies of your spare keys.
Instructions for the care of any unique plants or gardens.
A list of all alarm codes and security system information.
The location of hidden utility shut-offs.
Provide information (if necessary) for the homeowners' association.
Establish an Easily Accessible Emergency Fund: Ensure that there is a readily available cash fund for immediate expenses that may arise after your passing, including funeral expenses and legal fees.
Create a List of Relevant Professionals: Executors need the contact information for your accountant, lawyer, and other professionals who may be involved with the estate.
Establish a System for Bill Payment: Provide information on your regular bills, including account details, payment methods, and any auto-pay settings.
Organize Sentimental Digital Content: Organize Pictures, videos, and written works that may have sentimental value.
Create a "Please Notify" List: Include the names and contact information of people to notify in the event of your passing. This list is invaluable if it includes people who are not immediate family members or may be otherwise unknown to your Executor.
Make Post-Death Decisions Now: Several key decisions arise shortly after someone passes away. However, you can make them now for yourself, document the decisions, and even, in some instances, pre-pay for them. Some of the things you can decide include:
Do you want an obituary? If yes, where should it be published and what should it say?
Do you want a funeral, a memorial service, or a celebration of life? If yes, where should it be held, who should speak, and what else should happen?
Do you want to be cremated (what should happen with your cremated remains?), buried in a casket (do you want to be embalmed, do you want an open casket, where should the casket be buried?), have a natural burial (where?), or something else?
Making decisions about any (or all) of this will ease the burden on your loved ones. Sharing information during your life allows them to discuss it with you, ensuring they understand your wishes.