It’s my favorite time of year – spring! And that means it’s time to get busy and do some spring cleaning.
What does spring cleaning and estate planning have to do with each other?
Getting one’s affairs in order with planning, also means getting organized with “cleaning” out the filing cabinets, drawers, safe deposit boxes and any other areas where important papers are kept.
When I visit with families and discuss their estate planning options, I always ask this question during our discussion – “If something tragic were to happen to you tomorrow, would the family be able to step into your life and know how to locate your asset and income sources?”
Typically the answer across the table is “No, they would have no idea.” More interesting is that even with married couples, the answer is the same.
It’s crucial that we begin sharing the location of where important papers are kept. But even more critical is that our filing cabinets and other storage areas of important papers are continually kept with current documents.
Before tragedy hits, it’s a perfect time to organize those location spots and shred old life insurance policies or bank statements that were closed years ago. During an emotional time, those that you leave behind don’t need to spin their wheels tracking down assets that no longer exist.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
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