#2 - Your Estate Map
Reluctant Executor News
One of the most important things you can do to help your family is create a list of assets and important information. This can be long and tedious, especially in light of other responsibilities, and you hopefully won't even need it for decades. BUT… this list is critical to give your family a starting point after a loss. It's much easier to figure out how to access known assets vs. hunting for assets you don't even know exist.
The two posts below touch on Estate Maps and why it's important to know how accounts are connected.
LinkedIn post from September 15, 2023
You can get an updated version of the Reluctant Executor Estate Map.
Go to Reluctant Executor and find any of the download forms.
But wait, what is an Estate Map?
An Estate Map is the document you create to guide your family to the important information they will need when you pass away.
Depending on your situation, you may want to add more detail than others.
The idea is to show your loved ones where they need to go, with enough information, to close out your estate.
You don't need to recreate your will or trust. But let them know where to find those documents.
Your Estate Map should also include financial accounts, vehicles, other assets, bills, income, and critical contacts.
Even if you only get it 80% complete, that is much better than 0%.
Click here to comment or like this post on LinkedIn.
LinkedIn post from April 7, 2023
When a spouse dies, any bank accounts that were held jointly typically need to have the deceased spouse removed. This process is fairly straightforward, but it results in new account numbers.
Before updating the account, gather a list of all auto deposits and auto debits connected to the account. Plan to notify the companies shortly after the account number changes so that there is no disruption to the automatic transactions.
When I worked with my mom to update her accounts, I wasn't aware that the account numbers would change. Once we learned that, I was able to quickly update everything that I could do online.
However, her HOA payment was more difficult. This was auto drafted through an account that changed, which my dad had set up years ago. There was no online portal, and none of the documents that we found included payment details. Fortunately we received some help from a member of the HOA board and were able to resolve everything.
This process took over a month, almost resulting in a missed payment. In hindsight, we needed to make sure we knew how to update all payments before removing my dad from the bank accounts.
Is there anything any of you have updated, only to realize later that it impacts something more important?
Click here to comment or like this post on LinkedIn.
Completing your Estate Map
The Estate Map isn't something you fill out alone from a download. I walk you through it directly, in a Personal Planning Session, so you're not guessing at what to capture or why it matters.
If you're not ready for that yet, start with the free guide covering what most families miss, even when a plan already exists. Get the free guide here, and it's yours right away.