Estate Planning: How to Organize Your Paperwork

Real Estate agent talking with his client

Estate planning is not only about planning and organizing your legal issues—it should likewise involve organizing vital practical issues. Otherwise, expensive and personal losses could result from your failure to resolve these issues. Surprisingly, even with all the estate planning resources easily available to everyone, real estate, bank accounts, stocks, insurance policies, and bonds are unclaimed every year and go to state governments because of lack of planning.

On a personal standpoint, family and friends might not know about death until it’s too late and priceless family heirlooms might not be passed down to the right individuals. Fortunately, you could prevent these situations from happening to you with sufficient planning and organizing.

Practical Issues that Require Your Attention

Once you have passed away, plenty of the decisions and tasks that those you left behind would need to handle are not usually covered under basic documents for estate planning, says a top estate planning attorney in Utah. But you could save them a whole lot of stress by dealing with the following issues and communicating them to your family:

  • Who they should notify about your death.
  • Where you keep your living trust or will.
  • Your funeral preferences.
  • Where you store documents for your life insurance, retirement account, annuity, pension, etc.
  • Where you have bank accounts, crucial documents for them, and if you have a safety deposit box, where exactly.
  • Where you keep the deeds to your real estate.
  • Where you keep records for mutual funds, stocks, and bonds.
  • A record of your family history, which includes photos and priceless heirlooms.

Organizing Your Information

Keeping everything organized to save your family unnecessary stress isn’t that difficult, but it would take some time. You need to make an easily accessible and clear system for organizing your crucial information to make things easier for your loved ones. Once you have organized everything, make certain to keep your information in a safe location such as a home safe or a fireproof file cabinet or box.

Likewise, make sure to tell your family where you’re keeping your information because all your hard work would be for naught unless they know what they need and where to get them when they need them.