11 Essential Steps for a Positive Legacy Transfer

Blog Legacy Transfer

Many people put little to no effort into planning for their death. Whether it’s denial, laziness, or simply not caring, this mindset can lead to chaos for loved ones left behind. If you want to be remembered as someone who took care of their family and friends with thoughtful, advanced planning, here are 11 items that can reduce or eliminate chaos upon your death.

1. Audio/Video Messages

Once you’re gone, you can’t say anything more. Take the time to record clear messages for those you love and care about. Creating these messages can be emotionally difficult, but their impact on recipients can last a lifetime.

2. Personal Instructions

Personal instructions convey your wishes and thoughts that aren’t found in legal documents like a Will or Trust. These instructions can evolve over time and provide guidance on various personal matters.

3. Contact List

Create an accessible list with phone numbers and emails of important contacts, explaining why each person is significant and how they can help. This list could include your CPA, lawyer, financial advisor, best friend, and others you’d want notified upon your death.

4. Email List

Group your contacts into an easily accessible email list to streamline communication when needed.

5. Funeral Wishes

Be specific about your funeral wishes, from the handling of your body to the music played and how you want to be dressed. Don’t leave these details to your loved ones, who will already be dealing with many issues and questions. This can greatly lessen their burden.

6. List of Passwords

Ensure your passwords are documented securely, either on paper or in a digital format. Avoid storing them unencrypted on a device.

7. Bills to Pay

One of the greatest stressors for those left behind is managing your bills. Create a process that allows others to see which bills are important, the method of payment, and when they are due.

8. Assets and Liabilities

Make sure your finances are accessible, so nothing gets lost or misplaced. This includes detailing all assets and liabilities clearly.

9. Important Documents

Keep crucial documents such as your Will, Trust, Advanced Health Care Directive, and insurance policies easily accessible. This ensures that your wishes are followed and that legal processes run smoothly.

10. Litigation List

In our legal society, this item might not be relevant to everyone, but if you are involved in any legal matters as a plaintiff or defendant, leave detailed information. This will help those left behind manage or resolve these issues properly.

11. Personal Items

Personal items, whether valuable or sentimental, should be clearly documented. Stories of hidden treasures found during home renovations are common, but ensuring valuable items go to those you care about is crucial. Be specific in your intentions to prevent conflicts among loved ones over personal items.

By addressing these 11 items, you can ensure a smoother and more positive legacy transfer. Thoughtful preparation today will help your loved ones navigate the difficult time following your death with less stress and confusion. Take these steps to be remembered as someone who cared deeply and planned thoughtfully.

 

Ian Goldey, the author of this article, brings over three decades of experience as a private wealth manager, assisting families with their financial planning. He has applied this extensive knowledge, along with his partners to create WhenIDie.com, a digital platform that simplifies the entire process of death planning and more. Try it free for 30- days. Apply this code 2024BLG15 for a 15% discount!

 

Legal Disclaimer

The information provided in this blog is for general informational purposes only and is not intended to be tax, legal, or financial advice. Readers should not act upon this information without seeking professional counsel tailored to their individual circumstances. While we strive to ensure the accuracy and reliability of the information presented, we make no representations or warranties regarding its completeness, accuracy, or current applicability. The use of this blog does not create an attorney-client or accountant-client relationship. For personalized advice, please consult a licensed attorney, tax advisor, or financial professional.

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