King & Wood, P.A.

An Estate Plan To-Do List to Get Planning Done

“Whether you’ve experienced a marriage, divorce, the birth of a child, or the loss of a loved one, it’s crucial to ensure that your plan aligns with your current circumstances.”

Even if your New Year’s resolutions have fallen by the wayside, don’t let the resolution to create or revise your estate plan pass without tackling it. A recent San Francisco Bay Times article, “Kickstart 2025 With 5 Estate Planning Resolutions to Secure Your Future,” offers a step-by-step list of the tasks to complete your estate plan.

Start by locating your estate planning documents. Review them to be sure they’re up to date. If your will includes people no longer living or beneficiaries you’re no longer feeling generous towards, you’ll need to make those changes.

Review your estate plan with an eye on the people you’ve named for specific roles. Will the executor or trustee be a good fit? What about the person you’ve named as Power of Attorney? Your estate plan should also include a Healthcare Proxy. As you age, you need to be sure the people in these roles can still physically get to the bank or the hospital and navigate online banking or healthcare portals on your behalf.

Digital assets are now part of everyone’s life. However, not everyone addresses their digital assets in estate plans. You’ll need to review and record your digital accounts, from emails to social media to cryptocurrency, and create a list of the accounts, login information and passwords. If you have two or three-factor identification, you’ll need to be sure your digital executor can access your mobile phone or email to confirm their identity. Many people use password managers to gather their information. However, a notebook will do as long as your digital executor knows its location.

If you haven’t reviewed your healthcare directives in a while, you’ll want to do so. Your wish to be kept off any life-support systems while in your thirties may have changed as you have gotten older. After COVID, many people who would have never wanted to be on a respirator learned that it was lifesaving, not life-ending. Speak with your healthcare proxy about your wishes, so they know what you want and your estate planning attorney to ensure that they are documented properly.

An experienced estate planning attorney can help you avoid or minimize the probate process. For instance, placing assets in a trust can take the asset out of your taxable estate if the right trust is used. The assets in the trust won’t go through probate and will remain private. If using Payable on Death accounts makes sense for your estate plan, be sure that the accounts you want to transfer to someone else on your death are titled correctly.

An estate planning attorney will guide you through the process to ensure that you have the right documents, so your loved ones can help you if you become incapacitated and know your wishes when you die. It’s a gift to those you love, easing their burden and building your legacy.

Reference: San Francisco Bay Times (Feb. 5, 2025) “Kickstart 2025 With 5 Estate Planning Resolutions to Secure Your Future”

What are Best Practices for Estate Planning?

“Create a more effective estate plan and avoid common mistakes by following these seven best practices.”

You’ll be able to avoid common problems and have a more effective estate plan by being mindful of some simple but important details, according to a recent article, “7 Estate Planning Best Practices,” from Kiplinger.

Name more than one person for essential roles in your estate plan. An executor is the person who will carry out the instructions in your will. What happens if they cannot serve or decide they don’t want to? Always make sure to name an executor and a successor executor. The same is true for your Power of Attorney, Healthcare Agent, and, if you have a Revocable Trust, your successor trustee. If most of the important people in your estate plan are around the same age as you, it’s wise to name younger people as backups.

Talk with your loved ones about where your estate planning documents can be found, including how to access them. They’ll need to be able to find them, for starters, and then learn how to open them if they are in a secure location. Don’t surprise loved ones by adding turmoil to their grief.

Talking about your estate plan includes talking about the intentions behind the estate plan. You may wish to create a letter of intention, explaining your reasoning behind the estate plan. It’s not legally enforceable, but it might preclude ambiguity and possibly prevent family disputes. If you don’t, you add the possibility of family fights, litigation and even the dissolution of family relationships over the generations. People fight about money, whether we like to acknowledge this or not.

Work with an experienced estate planning attorney who knows your state’s laws. Estate planning laws are state-specific, and someone who is a terrific attorney in Colorado won’t necessarily know the law of Texas. If you move to a different state, you’ll also need to update documents to be sure they will work in your new home.

If you’re a pet owner, don’t neglect planning for your pets. Your will can include a provision about caring for your pets and include a bequest to care for your pets. However, this is not enforceable. On the other hand, a pet trust can name a trustee to manage the funds for the pet’s benefit and name a person to serve as a caretaker.

Don’t wait until a medical emergency to give your healthcare providers copies of relevant estate planning documents. Ask your estate planning attorney and your doctor about giving your healthcare team documents like a living will, power of healthcare attorney, living will and other related documents. Most healthcare systems today have patient information portals where they can be stored.

Did you create a trust but haven’t yet funded it? If you don’t retitle your assets so they are inside of the trust, your trust won’t perform as intended. This last step has to happen for the trust to be effective.

Review your estate plan on a regular basis. Most estate planning attorneys recommend reviewing an estate plan every three to five years, and more often if there have been large “trigger” events like marriage, divorce, death, or birth. If you move to a new state, you’ll also need a review to be sure your estate is still valid in the new state.

Your estate is like your car: without regular maintenance, it will not perform well and, over time, will stop running. Call your estate planning attorney to make sure that your documents are in order for the new year.

Reference: Kiplinger (Jan. 6, 2025) “7 Estate Planning Best Practices”

What Is a Living Trust?

“A popular option is a living trust, which many people consider one of the better routes to take.”

Estate planning isn’t a one-size-fits-all process. Every family situation is different. What works great for your brother-in-law, may not work for you and your spouse. Living trusts pass wealth on to the next generation. However, they are one of many ways to accomplish estate planning goals. A recent article from msn, “Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?” takes a closer look.

A living trust is created to be a legal entity separate from the person who creates it, known as the “grantor.” Sometimes referred to as a “revocable trust,” it can be changed or dissolved at any time as long as the grantor is alive. Trusts are created by estate planning attorneys and tailored to the specific needs of the individual.

There are many benefits to using a trust. Assets placed in a trust pass directly to beneficiaries without going through probate. When someone dies, their will is submitted to the local court and reviewed by a judge who determines whether or not the will is valid and if the executor is acceptable to the court. Until the court approves the will and the executor, the estate is in limbo, and nothing can move forward.

Depending on how complicated the estate is and how well the local courts perform, it can easily take six months to a year for the court to approve the will. If the decedent owned property or other assets in different states, these all have to go through probate in each state.

A trust has a trustee and a successor trustee. If the decedent was the trustee, the person in charge of the trust, then the successor trustee can step in and manage the trust. If assets were placed in the trust to pay bills while the estate is being settled, the successor trustee can do this without waiting for probate to be completed. Beneficiaries can be given their inheritance upon the death of the decedent without delays from the probate process.

Most people don’t know this. However, a will becomes a public document in the probate process. Estranged relatives, ex-spouses, creditors and thieves can all view the will. This is why families who have suffered a loss are targets of scammers and recipients of phone calls and direct mail from people seeking to buy the decedent’s home or serve as financial advisors, assuming an inheritance is being received.

A living trust also allows for great flexibility to respond to changes in life. If a family member gets divorced or married, welcomes a new baby, or dies, the trust can be changed easily to adapt to new circumstances. The same is true for financial changes in life. If the grantor needs access to the assets in the trust, they can be taken out, or the trust can be dissolved. You can’t do this with an irrevocable trust.

Meeting with an estate planning attorney is the best way to determine if your circumstances warrant a trust and which is best suited to your goals. There are trusts to protect blended families, structure donations to charity, pass wealth to grandchildren and trusts for disabled individuals. A conversation with an experienced estate planning attorney will answer questions about trusts and provide peace of mind, knowing that you’ve done the right thing for your family.

Reference: msn (Dec. 1, 2024) “Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?”

Three Key Steps for Estate Planning When You Don't Have Children

“It gets a lot more complicated if you can’t count on a child to be a caregiver, or to make major decisions.”

In many ways, estate planning is relatively simple for people who have children. They expect their adult children to be involved in their care as they age and are usually named beneficiaries of their wills. For those who don’t have children, according to a recent article from The Wall Street Journal, “Estate-Planning Priorities for People Without Children,” estate planning becomes a bit more complicated.

When there are no children, seniors need to face serious questions to prepare for aging, from who will be in charge if I become sick to who is going to be in charge of my funeral. There are three essential matters that single people without children need to address.

Plan for Long-Term Care. One study determined that the average 65-year-old will need about $150,000 for healthcare during retirement. For people with no children, long-term care insurance is something to purchase in mid-life, starting around 40 years old. If no next of kin is available to provide care, the policy can cover some of the costs of home care or care in a nursing facility.

Fewer companies sell long-term insurance today than in the past. However, policies are still available. Many are sold as hybrid policies, incorporating life insurance and long-term care coverage. Others allow policy owners to take out at least part of the money contributed as cash. Some even have a death benefit. Others have an inflation rider to protect against rising costs.

Determine who you can count on for help. Without children, people generally turn to their spouses if they have one, siblings, nieces, or nephews to take on roles like Health Care Proxy or Durable Financial Power of Attorney. The people chosen for these roles can also be friends as long as they are reliable and trustworthy.

If no family members are available, consider a friend or neighbor, preferably someone younger. Often single agers name other single agers for important roles, which leaves them all vulnerable to the possibility of disability or death of their trusted decision makers. Other options include doctors, estate planning attorneys, financial advisers, or a social worker to serve as healthcare proxies. A bill-paying service might be in an excellent position to serve as a Durable POA as long as the relationship is established before it’s needed and the service is ethical.

Power of Attorney and many similar estate planning documents are state-specific, so meet with an estate planning attorney in your state to be sure you have the documents you need and that they are valid. Discuss the roles of the people you pick to eliminate any surprises. A secondary person should consistently be named if the primary POA is unavailable or chooses not to take on the role when the time comes.

Make the executor’s life easier with detailed preparations. This applies to people with children, as well as childless people. Check your beneficiary designations on financial accounts, including life insurance, investments and retirement funds. Write down your wishes for funerals or other types of memorial services. Have an estate planning attorney create a will and a trust, if appropriate, and tell the person you’ve chosen as executor where these documents can be found. Don’t make a difficult job harder by making them search through paper files and your computer to figure out your estate.

Your estate planning attorney will be able to provide guidance about how to address the issues accompanying a child-free life. These extra steps will give you considerable peace of mind.

Reference: The Wall Street Journal (Nov. 12, 2024) “Estate-Planning Priorities for People Without Children”

What are the Top Estate Planning Mistakes?

“Estate planning is essential for families who want to secure financial stability and build generational wealth.”

A cornerstone of creating family success is proactive planning for the future. This includes working with experienced advisors, including estate planning attorneys, who can guide the family to making informed decisions. A recent article, “Top Estate Planning Mistakes Families Make—And How To Avoid Them,” from Forbes, advises readers to include thoughtful planning, organized financial records and estate planning to create a legacy to span generations.

The biggest mistake families make is not having an estate plan. The second biggest mistake is trying to create an estate plan without the help of an experienced estate planning attorney. Families often turn to an attorney who has helped with transactions, like buying a house or settling a homeowner’s insurance claim. However, this is a costly mistake. It’s like asking a podiatrist to perform brain surgery—they may be well-meaning. However, they don’t have the necessary experience and knowledge.

Disorganized financial and legal record-keeping leads to unnecessary estate planning and administration complications. Good record-keeping helps families make good decisions regarding spending and saving and makes estate planning more effective. For example, creating a budget for retirement without accurate information could lead a couple to overspend and run out of money or live so frugally that they don’t enjoy their retirement.

Financial records must be organized, so real estate, investment accounts, savings accounts, pensions, credit card debt, mortgages and personal property can be accurately valued. Creating a successful estate plan needs to include information on cash flow and spending to guide decisions on how assets will be distributed and what liquidity is needed.

Family wealth is not created by passing large assets to the next generation without restrictions. Long-term estate planning is needed to retain wealth. When large inheritances are passed on without planning or education, most of the money disappears by the second generation, and whatever’s left is usually gone by the third generation. The family’s wealth shouldn’t be viewed as a bank account to be depleted.

Trusts are often used in estate planning. However, a common mistake is to create a trust and then neglect to fund it. Funding a trust involves moving assets into the trust’s ownership. Deeds, titles and financial accounts must be changed to identify the trust as the owner rather than the person who used to own the asset. Some estate planning attorneys will have their office manage this process, while others require clients to do this themselves. Either way, funding the trust must be completed to perform as desired.

Maintaining an estate plan is just as important as creating one. Financial records and documents in the estate plan need to be kept up to date. If the estate executor dies, the will needs to be updated. If a guardian is named to raise minor children, which is done through a will, and the person moves away, a new guardian needs to be named in a revised will.

Estate plans also involve documents to protect the living. A Power of Attorney assigns another person the ability to manage financial and legal matters if a person is incapacitated by injury or illness. A Healthcare Power of Attorney is needed to have another person manage medical decisions. The name of this document varies by jurisdiction. However, without it, a family will need to go to court to be involved with a loved one’s medical care.

Estate planning can be viewed as organizing one’s life and planning for the future. It is a gift to loved ones and establishes a legacy of caring.

Reference: Forbes (Nov. 7, 2024) “Top Estate Planning Mistakes Families Make—And How To Avoid Them”

How Can a Will Be Changed?

“While a codicil provides flexibility, frequent amendments can complicate estate planning and create room for misunderstandings.”

A last will and testament is a legal document that distributes assets, including investments, real estate and personal property after death. Once a will has been signed and executed, it becomes the foundation for an estate plan. However, what happens if you want to make changes? This is the topic addressed in a recent article from smartasset.com, “What is a Codicil to a Will?”

A codicil is a legal document that changes an already completed and valid will. Some prefer to use a codicil rather than revise their entire will, usually for reasons of economy. The codicil allows the will’s creator to update specific provisions. A codicil can be used to change beneficiaries, assign a different person to be the estate executor, or even change the size of gifts made to heirs.

Codicils are like wills: they need to be signed and witnessed according to the laws of the state to be valid. People like the ability to make changes to their wills quickly and easily. However, sometimes, a codicil is not the right way to change a will.

The codicil performs best when changes being made to the will are minor in nature. They should be used to make small changes when the testator’s wish is to maintain the overall intent of the will. For instance, the birth of a new child and the addition of an heir could be reflected through a codicil.

An experienced estate planning attorney must create the codicil. Making a note on an original will with initials and a date is not a codicil. It’s a separate document, requiring a formal signature and the presence and signatures of witnesses. Most states don’t require a codicil to be notarized. However, you should check with your estate planning attorney to find out if this applies to your state.

Making a lot of changes to a will with multiple codicils may result in estate problems in the future. There are numerous instances where multiple changes, especially repetitive ones, like taking the same person off and then adding them back, are perceived as changing the intent of the testator (the person who made the will). This leaves the entire estate vulnerable to challenges.

Some typical reasons for using a codicil:

• Changing beneficiaries
• Replacing an executor
• Revising asset distribution
• Divorce, marriage, birth, death.
• Making new bequests
• Correcting prior errors or omissions

Before having your estate planning attorney create a codicil, there are a few steps to take. First, discuss the reason for the change and whether the entire will should be revised. A new will may be better if the change is not simple and straightforward. If the codicil is being done to disinherit a beneficiary, your estate planning attorney may have other suggestions. If you have created trusts, the changes to the will don’t carry over to your trusts. They may need to be modified as well.

Reference: smartasset.com (Oct. 23, 2024) “What is a Codicil to a Will?”

What Happens When Executors Keep Beneficiaries in the Dark?

“Is it unusual that named beneficiaries would not be given copies of or, at the very least, be allowed to view the will?”

A couple who never had children created a will, leaving their six nieces and nephews equal shares of their estate upon their deaths. When the uncle died, the aunt remarried years later but never changed the will, except for giving her second husband a life tenancy in the family home. A recent article from Market Watch asks if what happened next is right: “My late aunt gave her husband a life tenancy in her home—but her attorney won’t even let us see the will. Is this a bad sign?”

The problems began when the aunt’s attorney told the nieces and nephews that they were responsible for the taxes and property insurance while the life tenant lived in the home. The nieces and nephews had never seen a copy of the will, so they are unsure of their responsibilities as remaindermen. Nothing in the estate needed to go through probate, so the aunt’s will was not available to beneficiaries through the county court.

This case illustrates several important estate planning points. First, an executor of a will (or an administrator of an estate) is required to keep beneficiaries “reasonably informed” of the will’s contents after probate. It seems reasonable for the nieces and nephews to be able to see the will.

In most cases, the person given the life tenancy is responsible for paying taxes and property insurance and for the general upkeep of the residence. Any other arrangement is unusual, so the nieces and nephews are right to want to see the will.

The life tenant has rights, including the ability to rent out the property. However, they can’t do anything to decrease the house's value. It’s important to know that elderly people may be unable to apply for Medicaid because they live in the house this way.

If it has been months since the person died and there hasn’t been any communication from the executor, a few different scenarios are possible. It may be that the executor doesn’t know they are required to keep beneficiaries informed. However, it’s also possible that the executor is engaging in illegal behavior.

In most states, the executor is responsible for providing beneficiaries with a complete inventory and appraisal of all the estate's assets. Depending on the state, probating an estate may take more than six months, and creditors have a certain number of months to file a claim.

Suppose the beneficiaries wish to replace the executor. In that case, they can do so by speaking with an estate planning attorney and being prepared to go to court and prove the executor is either self-dealing, incompetent or has a conflict of interest.

However, once the will is probated, it will become part of the public record and must be filed in probate court. Depending on the jurisdiction, the court will give the beneficiaries the right to access the will.

The best option for the nieces and nephews is to consult an estate planning attorney to explore their options. If they live in a different state, a local estate planning attorney can recommend someone in their aunt’s jurisdiction to help.

Reference: Market Watch (April 28, 2024) “My late aunt gave her husband a life tenancy in her home—but her attorney won’t even let us see the will. Is this a bad sign?”

Why Do I Need to Name an Executor?

“An executor participates in the probate process and manages assets during it. This individual has a fiduciary duty to act in the best interests of the estate. This is the highest duty owed under the law.”

When someone dies, they leave behind an estate consisting of their assets. Someone has to manage the estate property, taking on tasks like paying creditors and ensuring that assets are distributed according to the decedent’s wishes. The executor of an estate, also called a personal representative, is the person who takes on this role, as explained in the article “What Is An Executor Of An Estate?” from Forbes.

If the deceased has a last will, it includes the name of the person who serves as their executor. However, if there is no will, or if the will doesn’t name an executor, a court will appoint someone—not necessarily a family member—to serve in this role.

The executor is responsible for carrying out the wishes of the decedent, including gathering all of the important documents, including the last will, filing any required court paperwork, managing assets until they are distributed and facilitating the transfer of money and property to beneficiaries.

In most cases, assets must pass through probate, a legal process in which the court validates the will, issues letters testamentary giving the executor the right to do their job, oversees the distribution of assets to beneficiaries and ensures that creditors are paid.

If you have an estate plan created by an experienced estate planning attorney, they will ask you to choose someone to serve as your executor. This needs to be someone you can count on to fulfill your wishes, who you trust implicitly and who you know will be able to manage submitting and completing paperwork for the court, the IRS and any other government agencies.

Can a beneficiary also be an executor? A beneficiary often does serve as the executor since many people name their spouse or adult child to act as their personal representative and manage their estate after their death.

An executor has a lot to do:

• Obtaining a copy of the will, death certificate and other paperwork.
• Inventorying the deceased individual's assets, determining which passes through probate and which passes outside of probate.
• Managing the deceased's assets, such as paying the mortgage and utilities.
• Submitting the will to be probated in the relevant court.
• Notifying all parties who may have a claim against the estate.
• Overseeing the probate process.
• Paying any debts.
• Facilitating the transfer of assets.
• Filing taxes for the person’s last living year and the estate tax.

The executor often retains the services of an estate planning attorney to manage these tasks, ensuring that they are carried out properly and in a timely manner.

Reference: Forbes (Feb. 5, 2024) “What Is An Executor Of An Estate?”

Prevent Difficulties in Probate with Advance Planning

“Collect and organize all important papers, passwords and pin numbers, keep them up to date and tell your heirs where to find them.”

If you think gathering your papers, passwords, logins, account information and estate planning documents is a challenging task, consider your heirs trying to do it after you’ve passed and while they are grieving your loss. By preparing all the information they’ll need, you’ll make their inheritance process as easy as possible, says a recent article from Next Avenue, “6 Ways To Save Your Heirs from a Painful Probate.”

A List of Passwords for Hardware, Online Accounts and More Our cellphones, tablets, computers, online accounts and other technology all hold important information. If your executor tries to access information and accounts, they’ll need more than your passwords. If you have accounts with two-factor authentication, for instance, they’ll need to be able to access your email and/or cellphone to access other digital assets. The list should include things like social media usernames and passwords. The information must be kept somewhere safe where a spouse or executor can find it. Some tech platforms allow you to name a legacy contact with the right to access accounts after you pass. A password manager system might be helpful. However, this may add another layer of frustration for non-technical people.

List All Assets and Accounts with Contact Information. Whether you use a spreadsheet or a notebook, this is crucial information. Make sure to include investment accounts, checking and savings accounts, 401(k)s, IRAs, pension accounts, brokerage accounts, etc. Provide contact information for your estate planning attorney, accountant and financial advisor.

The information must be well organized because it will be a lot of data. Your executor will also need the accounts for running your household, paying utilities, mortgage, cable, etc. The same goes for health insurance, Medicare or Medicaid information, life insurance policies, car insurance and deeds to your home and car.

Tell the Executor and/or Heirs Where Your Information is Located. One estate planning attorney reports receiving a few monthly calls from grieving heirs who have no idea where the estate planning documents are, who takes care of the financial accounts, or how to access these accounts. Sometimes, the calls come from people who aren’t even clients but are hoping there might be some special resource known to estate planning attorneys to provide this information. There is no such thing.

Plan for the Unexpected A significant part of estate planning is planning for financial and healthcare decisions while you are still living. A living will details whether or not you want to be kept alive by heroic or artificial means, and a power of attorney authorizes someone to make decisions on your behalf. Without a POA, the person may recover from their medical emergency to find a financial mess of late bills, missed insurance premiums, or a host of issues that could have been dealt with on their behalf. Without healthcare surrogate documents and discussions of your wishes in difficult health situations, the family will need to make difficult healthcare decisions in highly stressful situations.

If the proper documents are not in place, the family must go to court to have someone named a guardian, who can then make health care decisions for you. The same process will be needed to have someone manage your financial affairs, called conservatorship. These are expensive and invasive court processes that can easily be avoided.

Talk with your estate planning attorney and family members to plan for the future. You’ll all feel better knowing that you’ll all be prepared when difficulties arise.

Reference: Next Avenue (Jan. 9, 2024) “6 Ways To Save Your Heirs from a Painful Probate”

What Is the Biggest Mistake People Make on Their Wills?

“Have you managed to avoid the eight most common estate planning mistakes? Your family will thank you.”

Making mistakes in your estate planning can torpedo every effort made to protect your family after you die, warns a recent article from Kiplinger, “Common Estate Planning Mistakes.” Everyone benefits from a professionally-made comprehensive estate plan, a process for preparing your legal and financial affairs so assets and possessions are passed on after your death to the people or charities you want.

Not having an estate plan can create a world of trouble for those you love. The biggest estate planning mistake of all is not having an estate plan. After that, there are several others.

Procrastination. Suppose you unexpectedly become incapacitated and don’t have an estate plan. In that case, your family will be left guessing what you would want your medical care to be, in addition to needing to go to court to apply for guardianship so they can pay your bills and keep your household running. Everyone should have documents like Health Care Power of Attorney, Power of Attorney, HIPAA Release Form and Living Will in place.

Trying to make an estate plan on your own. Unless you’re an experienced estate planning attorney, there’s a lot you could leave out if you attempt a DIY estate plan. If there are errors, a court could declare your will invalid and it’s as if you never had a will in the first place. The laws of your state will be used to distribute your assets. It may not be what you had in mind.

Keeping estate planning documents in a safe or safe deposit box. Documents need to be where someone can get them in an emergency or after your passing. Safety deposit boxes are often sealed on the death of the owner. Give copies of your estate plan to your appointed executor or trustee, a trusted family member and your estate planning attorney.

Missing key documents. If your estate plan lacks key documents, your heirs might find themselves battling over the estate. Make sure your estate plan includes these documents:

• Last will and testament—This document outlines all final wishes and instructions for distributing your assets and how you want your affairs managed after you die. It also is used to name a guardian for minor children and an executor to oversee the instructions in the will.
• Beneficiary designations—Any account allowing for beneficiaries, including IRAs, pension plans, investment accounts and insurance policies, will pass directly to named beneficiaries. Be sure that these are up to date.
• Durable power of attorney for medical care—Allows another person to make medical decisions for you if you become incapacitated. Depending on your jurisdiction, it may include an advanced healthcare directive, which gives your instructions on whether or not to use life support.
• Funeral instructions—Do you want a traditional burial? Cremation? Tell your family your wishes for a funeral or memorial service.
• Proof of identity—Your Social Security card, birth certificate, marriage and/or divorce certificate and any prenuptial agreements will be needed for administering the estate.
• Deeds or loan documents for large assets—Collect paperwork for homes, boats and other big assets.

Digital assets. These include websites, cloud storage, social media accounts and cryptocurrency, to name a few. By assigning a digital fiduciary and sharing key information, you help heirs avoid identity theft and lost assets.

Failing to update your plan. Your estate plan needs to reflect the changes in your life. If your estate plan is outdated, you may unintentionally disinherit beneficiaries.

Appointing the wrong person as executor or trustee. If your eldest child is a disaster with money management, don’t name them your executor. Consider a trusted person who is unbiased and able to manage money and family dynamics and talk with them about taking on this role before appointing them to this critical role.

Reference: Kiplinger (Dec. 30, 2023) “Common Estate Planning Mistakes”