Preparing your estate before you die - for your executor
Posted on 08 January
Everybody who dies needs an executor of their estate, which can be seen as an honor, but also a very complicated and high-pressure task. You should choose the executor of your state carefully, picking someone you trust and care about, but you should also make sure their job is as stress-free and straightforward as possible.
More often than not, the executor of your estate is someone who is close to you and cares for you a great deal. This is the person likely to be grieving the most after you die, and you should do everything in your power to make sure that their role is easy to act out.
One of the most important things you must do to prepare for your death is to make a Will. Making sure there is a document that can be referred to when organizing your funeral and passing on your estate will make the end of your life much easier and stress-free for both you and your loved ones. Your Will is also a great way to show your friends and family how much they mean to you, by leaving them important keepsakes and messages that mean a lot to them.
After you compile your Will, this is also a great moment to make sure all of your documents are together in one safe space. Having all the required information for any relevant accounts and certificates, such as your bank accounts, death certificate, or pension account, makes it much simpler to organize any post-life finances and personnel.
Additionally, having a list of all your assets will make it a lot easier for your executor to assess the value of your estate, as well as knowing who exactly you want to bequeath each asset to. This also reduces any potential arguments or disagreements of who your valuables, jewelry, heirlooms, real estate, etc., will be given to.
If you have underage children, then preparing your estate is vital. You need to outline who you want to take guardianship over your children in the event of your death, or else they might end up living somewhere you never intended. This also ensures that they are financially taken care of, and they don’t need to worry about any expenses.
When you pass, there is no such thing as too much information. Your executor, family, and friends will be grateful for anything you leave behind to help them, especially if you include any sentimental instructions or letters. Keeping your memory alive will bring comfort and relief to anyone mourning your death, and anything that makes your demise as easy as possible is preferable.
Make sure that your estate and documents are prepared and organized before your passing, and if you need any additional help in what exactly you need to arrange then multiple different companies have all the appropriate experience and expertise you need.
At Alternatives, we can gladly answer any questions about wills and estates.