Have you completed your will and estate planning?

Completing your Will and Estate Planning in three simple steps.

If you have ‘stuff’, chances are that, at the very least, you have thought about what might happen to your assets after you die. Maybe you’ve even tossed out a comment at a family get-together, mentioning your wishes to ‘that’ person about what their future potential responsibilities could be. Unfortunately, this is where most people pause. Thoughts and conversations are not enough. Your plans and wishes need to be documented.

Step One: Take Inventory. Connect and Reflect.

What assets do you have? Do you need to consider guardianship? Who can ‘take charge?’ You need to not only think about who will follow your wishes but, more importantly, who do you Trust?

Step Two: Gather information and have conversations.

Where is your important paperwork? What names, contact information, possible instructions are necessary AND are they up-to-date? Start a list. Talk to your person - let them in on your plan - and make sure they are on board.

Step Three: Write it down, legalize it, make copies and distribute.

It’s a process, and sometimes a long process. But you need to start somewhere. Give yourself time and know that this task will not likely be completed in one sitting.

Find a lawyer or a notary and get your documents witnessed and legalized. Make copies and keep copies in multiple safe places. It is up to you to decide where and with whom your legal papers will reside. Typically a copy would go into a safety deposit box, perhaps you would like to keep the information stored digitally - either online storage or USB stick-and, most importantly, a copy should be given to ‘your person,’ aka, your executor.

And, finally, remember to review your documents every so often to make sure the information is still accurate, your choices are still valid, and contact information is correct.

A big “Yes!” to having a will in place and copies located in accessible places. Dying “intestate” (without a will) can cost your loved ones years of legal hassles and reduce the value of your estate significantly. Pablo Picasso died without a will and it took 6 years and $30 million to close his estate!

I feel lucky to live in Washington state, where probate is not required for estates valued under $2.2 million. This means I don’t need a trust put in place to preserve my assets for my children rather than paying a lot of money in estate taxes. Every state is different- in California it’s around $160,000, which is why trusts are so important if you live there.

Communication is Key

It’s not just about getting the boxes checked off- communication is the key to ensuring that my end of life is as smooth a process as possible for my loved ones.

My younger sister is my Durable Power of Attorney and estate executor, and she knows who my lawyer is, has a copy of my will, and is listed in my phone as an emergency contact. Phew!

Personal Belongings

However, you know those pesky pages in the will that ask you to document who gets what of your precious belongings?! Yeah, those are still blank…

I know my kids won’t necessarily have room or even want a lot of the furniture I have, but some of it is antique and may have value. The emotional attachment I have to my grandmother’s kitchen table - a trestle table made of solid oak - probably doesn’t translate to actual dollars, considering that it needs some repair and hasn’t been refinished in decades. 

I can let go of any attachment to these items staying in the family, and trust that they will go to someone who will love them and use them. This process frees up my energy in the present, and lets my kids off the hook to take things when I die because of a sense of obligation.

Deciding ahead of time who gets major items that do have value such as cars, boats, and jewelry will save a lot of heartache over who gets what. So I am putting that on my to-do list for the weekend!

Safe Deposit Boxes

One note about safe deposit boxes - don’t forget to tell someone where the key is located. And make sure that your executor is verified ahead of time as someone who has access so there is no delay in the event of an emergency. 

The original of your will or trust should not be in the box - just a copy. Originals can stay with your lawyer if you have one, or in a secure online storage system. Again, make sure your executor has their own copy, and knows how to access the original. Small steps now result in peace of mind for all.