How To Help Your Loved Ones After You Pass Away
If you have a family or loved ones, you likely want to do everything you can to protect them and make sure they have what they need. Although there are a variety of ways to help your family and loved ones while you are alive, there are even some ways you can ensure they are protected and cared for once you pass away. You can do this through proper estate planning. Getting your affairs in order before you are gone is one of the best things you can do for those you leave behind. The following are some ways you can help your family even after you pass away:
Itemize Your Assets
As you begin your estate plan, one of the first things you should do is make a thorough list of your assets. Take inventory of all of your valuable property, such as real estate, heirlooms, bank accounts, retirement accounts, and anything else you own that you want to pass down. As you make your list, include important information for each asset. This includes account numbers, usernames and passwords, deeds, titles, and anything else that your loved ones will need to help properly execute your estate.
Itemize Your Debt
If you have any debts, you need to make sure they are easy to access once you pass away. The debt will still be owed after you pass away. The debts will be paid out of your estate, so make sure you account for them as you plan. Make a list of each debt, the account numbers associated with the debt, the type of debt, and the balance. You should update this list periodically as you pay down debt, pay debts off, or add new debts. This will make the process of clearing your estate much easier for your loved ones.
Update Your Beneficiaries
If you have retirement accounts or a life insurance policy, make sure the beneficiaries are updated. The beneficiaries are those who will receive the money from these accounts once you pass away. If you have major life changes, such as the birth of a child or the death of a spouse, or you need to make a change to who you want to receive the payout, you should make certain you add or remove individuals as needed. You also need to name beneficiaries to your will and trusts. If you have certain assets you want particular people to receive upon your death, be sure this information is updated regularly.
Contact a law office like Skeen Law Offices for more information.