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How can you simplify your estate plan for your executor?

On Behalf of | Feb 27, 2024

Estate planning can be complicated. Between distributing your assets and drafting documents that comply with the law, you may find it challenging. However, it is important to get it right for the person you entrust to execute it and for those you leave behind.

A few tips can help make your estate simpler to execute:

1. Update your documents when circumstances in your life change

After drafting your initial estate plan, circumstances in your life may change. You may have a new child/stepchild/grandchild, buy/sell an asset or get married/divorced. Laws may also change.

If you experience any change that affects your estate plan, update the respective document to reflect your current circumstances/wishes. Delaying updates can make your work more difficult.

2. Review your appointments

Consider reviewing the parties you appointed as your executor, trustee, guardian for your child, health care proxy and power of attorney agent. Do they still want to serve? Do they need help in any way to serve competently? and so on.

You should also review your beneficiaries regularly to make needed changes. For example, when your child becomes an adult and no longer needs a guardian.

3. Organize your documents

Estate planning primarily involves documents. You need to draft a will and/or trust, durable financial power of attorney,  health care power of attorney and a living will.

Further, you need your financial documents, including bank statements, investment accounts, insurance policies, retirement accounts, and tax returns. Your executor will also need your password or pins to access your computer, phone, email accounts, online bank accounts and social media accounts.

It can be easier for you and your executor to organize these documents. And ensure they are accessible.

4. Work with professionals

Professionals, such as an attorney and a financial advisor, can help you understand the documents you are drafting in-depth and the whole estate planning process, simplifying your experience considerably.

Estate planning can be simplified with practical tips. Learn more to employ tips that work for you.