JUNE 9, 2000
JUNE 9, 2000
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Give Your Heirs an Estate "Map" The death of a loved one is a painful time. Unfortunately, confusion over the loved one’s estate can often compound grief to make the hardship even worse. For example: the will directs how property should be distributed, but if the estate administrator or representative cannot locate property identified in the will, the settlement of the estate may be burdensome and delayed. By taking a few simple precautions, you can help ensure that the settlement of your estate will be efficient and as painless as possible. Provide a "map" of your estate to complement your will, compiling all the necessary information in one place. Then make at least two copies—one for home and another for a safe deposit box. For each type of asset, you will need to provide different information. For example: Securities: Identify all securities and include names, ID numbers, amounts, and how to find important documents; Trust Documents: List names and addresses of trustees and beneficiaries and the location of trust documents; Real Estate: Identify other owners and provide the location of deeds, sales contracts, and mortgage information; Retirement Assets: Identify IRAs, 401(k)s, etc., and any other retirement plans or pensions you are eligible for, and provide beneficiary names; Insurance Policies: Provide policy numbers, issuers, beneficiaries, and the location of the documents; Business Interests: Describe all business interests in detail, with names and addresses of any other owners, and with information on any buy-sell agreements; Miscellaneous Assets: Describe any valuable personal assets and their locations, including the locations of any deeds or other related documents; Debts: Describe what you owe and to whom, with account numbers, dates, and any other relevant information; Personal Information: Provide the location of your Social Security card and any other relevant information. |
