Executing legally binding documents with the assistance of a good estate planning lawyer is definitely a large part of what estate planning is all about. But in addition to the legal side of things you must also take practical matters into account if you want to leave behind a turnkey situation for your family.
If you use a last will to direct your future asset transfers you’re going to need an executor to actually handle the hands-on tasks. This individual is going to require access to relevant information, and the recommendation here is to make sure that you compile a list of the various things that the executor is going to need to know.
Since the executor will be handling your final financial affairs all relevant financial information should be included in this list. Since we live in the age of the Internet access to your online accounts would be part of the equation.
There is also the matter of physical access to property and storage spaces. It is important to leave behind directions and keys so that your executor is equipped to handle the property appropriately and efficiently.
The wise course of action is to discuss these practical matters with your executor in advance. It is also important to make sure that you let your family members know who you have chosen to handle your final affairs so that there are no disagreements later on.
The last thing we would like to emphasize is the fact that you must safely and securely store the sensitive information that you gather for the benefit of the executor. It is also a good idea to keep a hard copy if you have compiled the data electronically.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.