The easiest way to quickly move your assets through probate and avoid disputes between your inheritors is to make sure your estate plan covers all of your assets.. Naturally, this requires drafting a will and keeping it updated. But there are many other aspects of estate planning that you should consider. A complete and thorough evaluation of assets, debts, and bills will streamline the probate process for your inheritors while giving them greater peace of mind after your passing. Of the many tasks you might consider, our top five priorities are listed below.
Create an Itemized Inventory
Creating an itemized inventory of your valuable household items has multiple benefits. If you move, it is helpful to document these items and their value for insurance purposes. When it comes to planning for your estate, this assures that all items are clarified, named, and accounted for. Remember to include items such as electronics, art and antiques, and vehicles. Don’t forget about the tools in your crafting room, studio, garage, or workshop; you’ll want to be sure to include anything and everything of value in your home.
Find Out What Debts You Owe
Your executor will likely be responsible for paying your outstanding debts after you pass. Because your assets will likely be used to pay those debts, it is important to know what you owe and set aside funds to pay those creditors. Write down who and how much you owe and attach the signed agreements. Include all of your credit cards, even those that you do not use.
Make a Long-Term Care Arrangement
It is equally important to make a plan for long-term health or hospice care. Most adults will need the assistance of long term care at some point in their lives. Long-term care insurance is a valuable planning tool, as it allows you to receive the type of care you desire, whether in your home or in an assisted living facility.
Consolidate Your Accounts
Putting all of your financial assets and debt in one place will simplify the process of drafting and probating your estate. Closing accounts you do not need and limiting yourself to a checking, saving and emergency account can help. Consolidating your 401(k)s from prior employers will reduce management and custodial fees, make it easier to evaluate your investment performance, and ensure that your beneficiaries can locate all of your assets.
Seek Out A Trusted Fiduciary
Naming a trusted fiduciary that is knowledgeable and aware of your best interests will streamline the probate process. Once you have named a fiduciary, you can continue communicating with them regarding the location of your assets and important documents, as well as any concerns you have regarding your beneficiaries.
Thorough planning and clear communication can help relieve your family of burdens and assure that your desires are carried out. It may benefit you to consult an estate planner and obtain a complete checklist.
Litigation Can Help if an Estate Dispute Arises
Even with the most thorough plan, things can slip through the cracks. If you have found yourself in an estate dispute, call our law office at 404.892.9797 or fill out our contact form here to set up a free consultation with our experienced litigation and mediation team.
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes with over 30 years of experience representing individuals, executors, trustees, and more in complex fiduciary disputes involving wills, estates, and trusts.
