While estate planning is crucial for families and married couples, it can be just as important to those who are single. You may have thought about having a will that can simplify what will happen to your assets after you pass away. While a will is a great start, there are other things that you will have to consider as well.
Create A List of Important Information To Assist Others With Your Will
Your estate's executor will be responsible with handling all your affairs after you eventually pass on, and you will want to help ensure that they are able to do these things easily. Without a spouse that is aware of all the important things in your life, it helps to list out the important information so that it is easy to find. Some of the things that you will want to include on this list will be:
- Bank deposit boxes and bank accounts, which includes bank contact information, your account numbers, as well as any additional materials needed for access.
- Insurance policies that you hold, such as life, home, auto, and health. Include information such as what company these policies are with and how another person can cancel unneeded policies.
- Location of important documents, such as a deed, lease, mortgage, loan, tax records, birth certificates, titles for vehicles, and even divorce decrees.
- Government agencies that need notification of your death to cancel benefits, including Social Security.
- Existing obligations on leases or rentals, as well as landlords and rental agencies.
- Online accounts that you want closed or are needed to access other information. This includes usernames and passwords for social media, email, banking, or even online forums that you want to receive notification of your death.
- Utilities that need to be canceled, such as a cell phone, electric, and gas.
Notify Your Executor Where To Find Your Information File
All of the previous information will be useless if nobody is able to find it. The best way to make sure that it is used is to let your executor know where to get your list of important information. It is best to make multiple copies, have them notarized, and keep one for your records and your estate's executor. If you are worried about another person having access to this information, you can also leave a copy with your estate planning lawyer that can distribute this document upon your death.
For more tips for what you can do as a single person to prepare your estate, meet with a lawyer for a consultation like Bayer Jerger & Underwood.