If you think your estate plan is done once you have a last will, trust and power of attorney documents prepared by an estate planning attorney, think again. The complete implementation of an estate plan is as important as any document, according to a recent article from Forbes, “What Others Need To Know About Your Estate And Estate Plan.”
Those who will oversee the estate should be provided with key documents and information while the parents are still living. Memories of parents will be diminished if surviving children are faced with an uphill struggle to find the information needed to settle the estate.
Personal information and documents are essential. This includes your full name, birth date, Social Security number, Medicare number, driver’s license and veteran’s information, for starters. Other documents include your birth certificate, passport, marriage and divorce records, if any.
Some legal documents are needed if you are unable to speak on your own behalf while living. These include Power of Attorney, Advance Medical Directive and, if you have one, a revocable living trust. These documents were created with an estate-planning attorney to plan for incapacity. Anyone named in these documents must be informed that they have been assigned to these roles. Others in the family need to know who has been authorized to act on your behalf.
Planning for incapacity includes giving access to medical information. This includes doctor names, contact information, prescriptions and allergies. Many medical records are now maintained in patient portals. Find out how you can give access to a family member before it’s needed.
Family members will also need to know about medical insurance and finances. Do they know where your Medicare card is? Information about Medicare supplement policies, Part D prescription drug coverage, employer coverage and any other medical coverage will be needed.
After you have died, your executor will need to have the original will. All children should know who has been named as the estate executor and the successor executor if the primary executor cannot serve. In many states, the court will accept only the original will for filing with the probate court.
If you have any trusts, your children need to know what they are, where the trust agreement can be found and who the trustee and successor trustees are. The trust agreement will specify which assets are owned by the trust and which are in the probate estate.
Part of your estate plan, but not in your will, should be an inventory of your estate. Be sure it includes digital assets. Providing instructions for accessing websites and digital assets is essential today. Providing URLs, passwords, usernames and other information enable management of your digital footprint.
Life, homeowners, flood and auto insurance information will be needed at some point. Ensure that your spouse, agents authorized to act under the Power of Attorney, executor and trustees know about your insurance coverage and where to find the policies.
Financial professionals and their contact information, including financial advisor and CPA, will be needed, as will the contact information for your estate planning attorney and any other professionals.
Final arrangements must be expressed and documented if you want your wishes to be followed. It’s not unusual for one family member to recall a casual comment made decades earlier and interpret it as a final wish. Make the grieving process easier for loved ones by writing down your preferences for final arrangements. This does not belong in your will, as they may not see the will until the funeral.
An estate plan isn’t complete until all information is compiled and made available to those who need it. While some information only needs to be provided to those who will be involved with managing your affairs, providing information in advance clarifies your wishes and avoids unnecessary disputes during an emotional time.
Legacy One Law Firm, APLC is an estate planning and probate administration law firm in Los Angeles, California, serving families throughout the State. Schedule a quick and easy consultation with our estate planning attorney, Sedric E. Collins, Esq., or call 323-900-5450.
