When you read the title of this post, you might think I’m asking about your net worth. Or maybe who gets the vintage car and who gets the boat. Or maybe even who you left out of the will entirely. No. This article is about a fundamental, but sadly often forgotten, step in estate planning. I thought it was a worthwhile share. The following article, written by Ryan Webster, was published online on 1/17/23 on KPVI’s website.
DON’T LET YOUR EFFORTS BE IN VAIN
The author writes: “You’ve spent considerable time and money on estate planning documents to ease the strain on your loved ones and to ensure your wishes are carried out after departing, but those efforts will be in vain if your documents and assets cannot be found.
This article offers a few tips to help ensure your will and assets can be found after your death. Keep in mind there are risks associated with sharing information about your will and assets, so carefully consider ways to help your loved ones after you pass without exposing yourself to risks.
WHERE IS THE WILL?
On occasion, I have clients tell me that they are certain their departed loved one made a will, but the client cannot find it. Sometimes these wills turn up. Other times, they don’t.
It is important to keep your original will in a safe place and in a place where it will be found after your demise. If the will is taped under a desk drawer or hidden in a secret compartment, there’s a good chance no one will find it unless they know where to look. Tell the executor(s) you name where to find it. If you’re concerned about someone sneaking a peek at the will before you pass, consider keeping it in a safe or safe deposit box.
IS A COPY JUST AS GOOD?
If the original will cannot be found, a copy may be used instead, but there are additional hurdles to getting a copy admitted to probate, so it is ideal to have the original. I also tell my clients to keep copies of their will just in case the original cannot be found, is destroyed by fire, or taken by some nefarious character who benefits if the will is not found. Save a digital copy and email a copy to your named executor(s), if you don’t mind them getting an advanced look. If you have security or privacy concerns, at least let them know where to find copies.
Finally, if you cannot find the original will or a copy, call the attorney who prepared it. He or she may still have a copy, but don’t count on it.
DON’T LET AN OLD WILL BE USED
Another tip to ensure your newest will is admitted to probate is to destroy your old wills and delete old copies after a new will is made. Although the creation of a new will revokes all prior wills, it is possible for an old will to be admitted to probate if the new will is not found.
The same issues arise with a decedent’s assets. They can be difficult or impossible to find. Often one spouse handles the finances, and the other spouse does not know what assets they own. Most of us do not know every asset that our parents, grandparents and other family members own.
ASSETS CHANGE
Wills do not list every asset a person owns, in part, because we won’t have the same stuff on the day we die that we had when the will was made. We regularly buy and sell vehicles, homes, and other property. We save money and then spend it. We change banks, insurance policies, investment accounts, jobs and retirement benefits, etc. Wills are drafted broadly to account for these changes.
LISTS CAN HELP
Additionally, there is no centralized search tool that generates a list of every asset owned by a person at the time of death. There are search tools for certain assets like real property, business interests, vehicles, and other assets titled in the decedent’s name, but these searches can be time-consuming, expensive, and are not guaranteed to locate all assets. Information about bank accounts, investment accounts, stocks, life insurance, and valuable collections is not available at all.
I advise my clients to keep a list of their assets with their will or someplace the list will be found. It is important to update the list periodically by adding information about new assets and removing assets you no longer own. If you’re not going to keep a list, keep records of assets in one location.
A WORD ABOUT DEBTS
These tips may also prove helpful for debts of the deceased. Secured creditors are entitled to notice of an estate administration for their debtor. Notice is permissive to unsecured creditors, but it is generally a good idea to send notice as doing so limits the creditor’s time to make a claim against the estate. Having records of existing debts also helps to verify the authenticity of the creditor’s claim if one is made. Consider keeping a list of debts and creditors with your list of assets.
DON’T FORGET YOUR ONLINE ACTIVITIES
If you operate exclusively in the digital realm, your loved ones will likely need access to your digital files, computer or cell phone, so be sure they will have a way to access that information.
I wholeheartedly agree with everything in this article and encourage everyone to take note. Don’t take the time and effort to “have your ducks in a row” only to have your loved ones unable to track down all the “ducks” after you have died! It happens way too often, so hopefully, after reading this, you’ll make sure it doesn’t happen in your case. And if you need help drafting or updating your will, please do not hesitate to reach out. I’d be more than happy to help. Please visit www.davidlefton.com or call 513-399-7526 to schedule a consultation.
Source: Estate Planning Tip to Help Ensure Your Will and Assets are Found, written by Ryan Webster for KPVI TV online; 1/17/23