Making an estate plan is an important duty of any adult; however, there is more to estate planning that just creating the plan on paper. You have to make sure that your loved ones know about the plan and how to execute the plan if something happens to you. California readers might be interested in learning three ways that they can help their loved ones deal with an estate plan.
One way you can help your loved ones is to make sure that all the beneficiary information is up-to-date for all of your assets. You have to check retirement accounts, life insurance policies, bank accounts, investment accounts and any other assets that will be transferred when you pass away.
The second way for you to make dealing with your estate as easy as possible for your loved ones is to make sure they know your estate plan. Your loved ones should know how to access your financial accounts. They should know where to look for accounts. You can make this easier by making a list of all the financial accounts you have. Include the usernames and passwords for online accounts. Make sure you keep this information in a safe place, but let your loved one know where that place is so they can access it if something happens to you.
The third way you can make things easier on your loved one is to make sure they know your financial adviser. Having the introductions made while you are still alive might make it easier for your loved one to trust the financial adviser and turn to the financial adviser when you pass away.
No matter what you have in your estate plan, clearly conveying your wishes will make dealing with your estate easy for your loved ones. Making sure that you have everything covered and taking steps while you are still alive can increase the ease of handling the estate even more.
Source: U.S. News, "3 Important Estate Planning Questions" Scott Holsopple, May. 01, 2014