A well-crafted Estate Plan gives you a great deal of control over what happens to you, your money, and your possessions once you have passed away. However, there are several things you will want to leave out of your official documents, in order to maintain flexibility after signing them. ๐ท๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐, ๐๐๐
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๐ ๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐ ๐ฌ๐๐๐๐๐ ๐ท๐๐๐๐๐๐๐ ๐
๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐. With that said, here are a few things we recommend to help straighten out the finer details of your Estate Plan:
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๐๐๐ฃ๐๐๐๐ก๐ ๐๐๐ง๐จ๐ค๐ฃ๐๐ก ๐๐ง๐ค๐ฅ๐๐ง๐ฉ๐ฎ ๐๐๐ข๐ค๐ง๐๐ฃ๐๐ช๐ข. The Wills and Trusts that we prepare say that you will reserve a right to have a Tangible Personal Property memorandum that you can change from time to time.
In this document, you can list your household items and to whom you want to give them. These items can include jewelry, furniture, coin collections, tools, etc.
You should sign and date the Memorandum, and keep it with your other Estate Planning documents so it will be discovered. The following year, you may decide to prepare a new list because you changed your mind about something or you no longer own that item. Just donโt forget to add the new list to your documents and destroy the old one so there is no confusion.
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๐๐ค๐ซ๐ ๐๐๐ฉ๐ฉ๐๐ง๐จ: We also recommend drafting a Love Letter to your loved ones detailing additional details about your wishes. In the Love Letter, you can provide instructions about any family traditions that you would like to see continued, instructions to Trustees of minor trusts about how to exercise their discretion, recommendations about investments, personal messages to particular loved ones, and many other considerations.
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๐๐ช๐ฃ๐๐ง๐๐ก ๐ผ๐ง๐ง๐๐ฃ๐๐๐ข๐๐ฃ๐ฉ๐จ: You should also make sure to have an in-person discussion with your loved ones about any funeral or memorial requests. Typically, when someone dies, the family does two things: grieve, and make arrangements for what to do with the body quickly. Your loved ones will not begin looking for your Will until after these services have been held.
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๐ผ๐๐๐ค๐ช๐ฃ๐ฉ ๐๐ฃ๐๐ค๐ง๐ข๐๐ฉ๐๐ค๐ฃ. Lastly, you should setup a plan on how your loved ones will access your accounts, including emails and social media. Password managers may be a good solution. One of the most difficult aspects of handling someoneโs estate can be figuring out what they have, and where it is. During our Probate consultations, we often refer back to old Estate Planning Questionnaires that former clients filled out years prior.
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Please call us at 301-696-0567 or self-schedule at lenaclarklegal.com if you would like help protecting your assets and loved ones in the event of death or disability.
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