Avoiding Family Frustration and Delays

Avoid the frustration and delays often experienced by loved ones after someone passes away.

Deep Dive: Avoiding Family Frustration & Delays

I’ve talked before about the four biggest dangers that come with not having a complete estate plan, which I’ve deemed The Four Horsemen of the Estate Planning Apocalypse. The Horseman I want to discuss today is Family Frustration & Delays.

An incomplete plan invites even more stress into the situation in the form of frustration and delays.

Nobody wants to leave a mess, and there will surely be some frustration when you pass. But you want to minimize that frustration so there are no surprises, the process doesn’t take longer than necessary, or the plan doesn’t fail in any other way.

Questions to ask

So here are some questions you can ask yourself and things we can do to minimize that potential frustration our family might face. I’ll try to discuss these concerns in the order your family might have to deal with them.

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Know the Location of the Original Last Will

One of the key contributors to family frustration and delay is the inability to locate the original last will. This document should be readily available to prevent unnecessary hitches in the estate planning process. In Texas, for instance, state law necessitates that the original will is sent to the county clerk within 30 days of the testator’s death. This ensures that the will is centrally located, and potential disputes about its content can be handled more effectively.

You should also include basic instructions to your loved ones on what to do next, whom to contact, and where your assets are located. See our other Four Horsemen videos for more on this.

Planning for Your Final Memorial

We plan parties, birthdays, and showers, but we rarely think about planning our own funeral. Funerals require a lot of decisions from our family members when they’re grieving. Do you have any requests for your funeral and does your family know? We recommend considering prepaid options for cremation or burial to relieve your loved ones of the burden of making these decisions during an emotionally taxing period.

Providing Immediate Access to Bank Accounts

Ensuring that your family has immediate access to funds after your passing can alleviate financial pressure. For joint accounts, it’s advisable to set them up as joint tenancy with rights of survivorship, allowing the surviving partner to maintain access to the funds. However, it’s recommended that you consult your advisor before making any alterations to your accounts.

Identity Theft Prevention

To safeguard against identity theft, it’s recommended that you place a freeze on your accounts with the three credit reporting agencies. This protects you both during your lifetime and after your death, reducing the likelihood of fraudulent accounts being opened in your name.

Clear Communication with Your Agents and Fiduciaries

Communication with your trustees and executors while you’re alive is crucial. Informing them about their roles and responsibilities and letting them know where your original documents are located ensures a smoother process.

Business Owners, Have a Plan

If you have an interest in a business (not including publicly traded stocks), do you have the documentation in place, such as a buy-sell agreement, transfer restrictions, valuation agreements, and succession plans? If so, when was the last time you reviewed the documents?

Continuity of Care for Dependents

If you’re taking care of elderly parents or other dependents, you need to plan for their care in your absence. Considering potential frustration points and making arrangements for the continuity of their care is essential.

Using a Password Manager

For digital security, a password manager can help store your passwords safely and conveniently. It allows for randomly generated passwords, and by only needing to remember one master password, you add an additional layer of protection.

In Conclusion

Ultimately, this Horsemen of the Estate Planning Apocalypse can cost your family weeks, months, or even years of time and countless headaches that could otherwise be kept at bay with solid planning and some forethought from you and your attorney. By being proactive and thorough, you can make a difficult time slightly more manageable for those left behind.