Why You Should Go into Detail When Preparing Instructions for an Executor
Most people want to make it as easy as possible for those who are left behind after their death to cope. They understand that this will be a difficult and emotional time and would rather help their loved ones avoid any legal challenges or complications in those trying days and weeks. Yet while most will make a will and try to outline what should happen with their belongings, not everyone will go into the type of detail necessary to ensure that any administration is smooth. What are some of the factors you should take into account as you prepare for that eventual day?
Avoiding Confusion
If you've lived a long and involved life, you may have built up a sizeable bank of assets. You may also have many different accounts to consider and obligations that will need to be taken care of. The more complicated your estate, the more important it is to leave very detailed instructions following your departure. After all, somebody will need to execute the estate, and you should take any guesswork out of the equation.
Clear Instructions
As you may have appointed a good friend or family member to be the executor of your estate, make sure that you leave them a very detailed set of instructions so that they know exactly what to do — and without any delay.
How to Deal With Assets
You should clearly identify each and every one of your assets. Where it's physical rather than virtual (i.e., money), tell them exactly where the asset can be found. If it is movable (i.e., not property), then tell the executor where it should be stored pending the outcome of the administration. Should any assets need to be insured, make sure that you also cover this detail, including the relevant cost.
How to Settle Liabilities
Outline all of your liabilities and advise a point of contact. Tell your executor how to settle all the liabilities and where the resources will come from to do so. You may need to appoint them to formally look after your affairs, so ensure that this is done at the outset.
The Will in Detail
Of course, you will also have to go into detail about your beneficiaries and make it clear how you will divide your estate. This should help avoid any challenges, and, if possible, you should inform all the beneficiaries upfront so that they're not surprised by the content of the will.
Legal Help
Many people in your position will get help from an experienced lawyer at this stage. An expert can help you draw up the will and those all-important instructions, and they can make sure that legal definitions and content are correct to help avoid any issues. Contact a deceased estate lawyer to learn more.