When you die, somebody is going to have to settle your financial affairs. It isn’t an easy job. So why not make it easier for that person or persons?
Here are nine things you should do to make it easier for your survivors to settle up your affairs, according to an article on the Huffington Post.
1) Make a file called “My Estate Plan” and put all your estate planning documents in that file. It should include your will, end-of-life instructions, organ donation wishes, real estate records and financial records. Also include information on online accounts.
2) Name your executor. This is the person who will settle your affairs. It may be your spouse, a child or a trusted friend or relative.
3) Add your executor as a co-signer to your financial accounts. This makes your money immediately available to pay funeral bills and so forth.
4) Rent a safe deposit box and put copies of all your important documents in it. Make sure your executor is a co-signer to the safe deposit box.
5) Decide on organ donation. Put the decision in writing.
6) Make funeral requests. Do you want to be buried or cremated? What kind of funeral do you want? Put it in writing.
7) If you want to be buried, buy a grave site. Put the deed in your estate plan file.
8) Consider charitable gifts. Include them in your will.
9) Update your estate plan regularly. Things change.