Many people think that estate planning is just having documents prepared. They have a lawyer prepare a Will, get it signed and they’re done. As Lee Corso says on Game Day, “Not so fast!”
The hardest part of stepping into someone else’s shoes, whether its as an agent under a power of attorney, or as executor of an estate, is finding all of the stuff that belongs to the person you’re helping. Locating the minutiae of a life well lived can be daunting. I’m the named executor for a friend of mine and I hope my friend outlives me just so I don’t have to find this stuff. Years ago, I went through the home of a deceased grandparent who had dementia and was a hoarder. That was exciting (not)!
There are many products out there, such as the Nokbox you can use to help get organized. If you search “important document organizer” on Amazon, you’ll find MANY competing products. Or you can jog down to Office Depot (or Wal-Mart) and purchase a file box with folders – or at a minimum, a box or bag to hold important documents. If you’re computer savvy, EOMO has a digital organization tool. That way if someone has to pick up the pieces and help you or your loved ones they have a way to find your important things and information.
If you’re worried about privacy or identity theft, you can put your organizer in a safe or a bank safe deposit box as long as your trusted helper has access. We are mindful that there are many scammers out there, so we place emphasis on “trusted” advisor. Don’t let the fox in the hen house by letting some johnny-come-lately swoop in and access your accounts. If you don’t have someone you truly trust, you can hire your accountant or lawyer to serve as gatekeeper for your organized materials.
You should also make a list of people you deal with, such as your insurance agent, your investment advisor and so on. Include contact information for those people. If you have online accounts, include user names and passwords. If there are important details you want your loved ones to know, you can make a recording. These days, with virtually everyone owning a smart phone that can record, all you have to do is sit down, turn on the recording devise and start talking. As long as your loved ones know where to find the recording, it’s that easy to help those who will be helping you.
If you do a recording, don’t limit it to financial information. There are things you know that other family members won’t know about. The reason for this is because families “specialize” the same way businesses do. In some families, one spouse does all of the grocery shopping and cooking, while the other spouse takes care of the home maintenance. If you’re the one who always does one set of tasks, your spouse might be lost regarding where to start if you’re unable to do your normal tasks. Leaving a recording will tell them where to start and what to do.
You can also leave information behind stating your wishes. You can tell others what your health care preferences are if certain things happen. Your health care advance directive gives your agent power to act, but your agent is supposed to be acting in a manner that’s consistent with your values and they can’t do that (or be held accountable for not doing that) unless you’ve expressed your values. Similarly, if you have special needs child, you can leave behind instructions regarding who should help, how they should help and what you want done. Statements of your values can be important in providing directions for trustworthy helpers, but they can be critical evidence to prevent ne’re-do-well’s from causing trouble.
In sum, have a plan. Make sure it’s an organized plan. We’re not promoting specific products – even though we’re supposedly getting $10 if you use our link to buy the Nokbox. What we’re doing is telling you that 52 card pick-up isn’t fun. Don’t leave a mess for the people who want to help you.
