Estate Planning

While I don’t love the idea of planning for what might happen when I die, I recognize the importance of doing what I can to make things easier for my surviving family members.

Lori Trawinski wrote about her experience as an executor in the AARP article My Mom Died. Then Came the Ordeal. She has several good ideas worth sharing. (Note: I’ve added a few of my own ideas.)

1. Prepare for the cost of dying and any related expenses. I should set up a joint bank account with my executor so that she can pay for my cremation services without taking out a loan. (This money usually must be paid before an estate can be settled.)
2. Consider adding your executor’s name to your utility accounts. I should do this at some point so that it’s not a hassle for her to deal with my utility companies (phone, internet, etc.).
3. Do what you can to minimize paperwork battles. I should use a “transfer on death” (TOD) designation for my assets. It’s fine to specify this in my will, and it’s better to indicate my wishes per asset with those companies.
4. Consolidate financial accounts and “weird” assets. I own a bit of artwork through Masterworks, cryptocurrency on Coinbase, a timeshare property, and more. At some point, I should consolidate these or at least make it easy for my executor to deal with them.
5. Consider how to handle your digital legacy. I have a website, a Vimeo account, and more that I would like to keep funded after I die. Maybe I’m a fool to think that anyone in the future would care about the stuff I’ve created; nevertheless, I might want to create a trust or a plan for this. I should also learn more about what makes sense for my social media and email accounts, especially Facebook and LinkedIn.
6. Establish and update your trust if applicable. Karilyn and I are responsible for the care of our special needs daughter, Mikayla. While we’ve already established a trust, we have other concerns. We want to ensure that our daughter can thrive when we’re gone.

While I don’t know when we need to do more, this list of ideas may be a good place to start.