Nine Things You Can Do Now To Make Life Easier For Your Loved Ones After You’re Gone: A Probate Attorney’s Perspective On How To Simplify Your Life- Takeaways

By Andrea Young on December 22, 2023

Having a well-thought-out estate plan in place can significantly ease the emotional and stressful challenges that arise when dealing with the passing of a loved one. Recognizing the importance of an estate plan is crucial, and attention to detail in the process can prevent significant problems in the future. We were fortunate to have Liz O’Neil, an Estate Planning Attorney, back to guide us on key considerations when creating or reviewing your own or a loved one’s estate plan.

Secure Copies of Your Will

While having your estate planning documents in your will is essential, ensuring their accessibility and informing others about their location is even more critical. Storing documents in a safe deposit box is a good practice, but it’s vital to grant access to trusted individuals. In the event of death or an emergency, the inability to access these documents can cause delays. Discuss this with your attorney, as many keep copies at their offices. Regardless of the storage location, make sure their whereabouts are known.

Regularly Monitor Your Credit Report

Keeping a vigilant eye on your credit report is always advisable. Additionally, staying updated on any open accounts is helpful. Over time, you may have forgotten about certain accounts or old credit cards. Resolving these matters not only benefits you while you are alive but also aids your loved ones in settling your estate after your passing.

Review Your Beneficiary Designations

This is an often-overlooked aspect. Throughout our lives, we change jobs, acquire life insurance policies, and open various financial accounts. Relationships with beneficiaries can evolve as well. You might have a deceased parent listed, a family member with whom you no longer have a relationship, or a marriage that has ended. Regardless of the circumstances, whoever is listed as your beneficiary at the time of your death becomes the recipient. Therefore, it’s wise to update these designations every few years or immediately following any changes.

Always consult with your estate planner and financial advisor to ensure that your estate plan remains current and aligned with your intentions.

Disclaimer 

Lexington Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Lexington Wealth Management and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.