While the process of dealing with the death of a loved one is never easy, there are certain estate planning steps that people can take to ease the process of estate administration for their heirs. A recent article discusses some of these steps.
The first step is to create a file and label it, “My Estate Plan.” This file should include copies of all of your estate planning documents. Be sure to keep this file someplace where your heirs can find and access it after your death. When compiling this document, remember to include information on your digital assets. This information should include usernames and passwords for online accounts.
Second, select who you would like to be your executor and add them as a co-signer of your financial accounts. This step will make it much easier for your executor to access and distribute your assets after your death. It is important, however, to be sure that the person you select as executor for your estate plan is a person that you trust.
Finally, it is a good idea to rent a safety deposit from a bank. Although unlikely, your home may be destroyed by a fire or natural disaster. In this event, it is important that there is a safe copy of your estate planning documents where your heirs can locate it.