Estate planning professionals estimate 70 percent of Americans don’t have a will or trust, but it’s important to have a plan for your possessions so your family isn’t strapped with the burden of figuring out what to do with all your stuff.
Whether you’re planning for yourself or someone else, Angie’s List consulted with the experts for these tips:
- Don’t wait: It’s always easier to go through everything when you or the benefactor is in good health.
- Make a list of your assets: Include date of purchase, cost, and where you want them to go when you die. The list may be used in a will and/or living trust. A will transfers your assets after death. A living trust provides lifetime and after-death property management. Take the information to an estate planning attorney for safekeeping.
- Talk with your family: Make sure your spouse, children, and grandchildren - if necessary - know where your important papers are located.
- Donate items now: In order to enjoy the benefits of the tax write-off. Plus, giving away things can be liberating. It there’s an item that hasn’t been used in the past year, set it free. Clearing out the clutter and excess around the house will alleviate a lot of stress for those going through your things after you're gone.
- Go through belongings and old photographs: Write the names of people on the back of each photo so everyone will know who’s who. Ask why a particular clock is important or what makes an old desk so special.
- Find out what heirs want: Don’t assume what’s invaluable to you (or the benefactor) will be a treasure for them.
- Funeral costs can quickly add up: When planning your funeral, understand what you want, write it down, tell your loved ones and make plans for payment.