What Should You Leave The Executor Of Your Estate?
ACCESS TO THE ORIGINAL WILL.
Is it in a drawer? A Shoebox? At the bank? Remember, a safe deposit box is often locked down at the death of the owner. Others need to have been listed with the bank for access to the box. The original is needed.
ACCOUNTS ALL IN ONE FILE.
You can simply place one of the quarterly account reports in one file. They will have the account numbers, balance as of that date and the contact information of the account representative. If you wish, you may label it “In case of my death.”
The will does not apply to policies that have beneficiary clauses to those who are still alive. (More than once, the ex-wife gets a million-dollar life insurance policy while the current wife gets nothing!)
The deceased’s online accounts, from Facebook to Instagram, Netflix to Hulu, Venmo to PayPal, and Amazon to eBay, are more easily deactivated with proper log in information and passwords.The same need applies to credit cards, investments and other accounts, as well as home alarm systems, mailboxes, gates, garage doors, safes, and cabinets.
Ideally, pre-plan (if not pre-pay) your funeral services. At least pick out some songs or indicate if you want to be cremated, buried or shot into space.
LABEL OLD PHOTOS!
A box of old priceless black and white photos will be thrown away if your heirs do not know the people and their stories. Visit any Cracker Barrell to see priceless heirloom family photos hanging on the walls, watching you sop your biscuits. It would be a good idea to draw out the family tree. It is said that “those who do not remember do not deserve to be remembered.”
GIVE IT AWAY NOW?
While you are still alive you may give away sentimental items while downsizing over the years. You can see them enjoy the items and tell them the stories that made those heirlooms valuable enough for you to keep.
You may list sentimental items and their recipients. This can be left as a letter of direction to your executor. But do not neglect to have a professionally created will. Failure to do so is often “Penny Wise- Pound Foolish.”
Mr. Peel seeks justice for those injured in truck, motorcycle, and car crashes. He often addresses churches, clubs, and groups without charge. Mr. Peel may be reached through PeelLawFirm.com wherein other articles may be accessed.