Just when you thought that was it.
After you have signed your estate planning documents, it is recommended that you let your Executor(s) know where your original Will can be found. While it is common for the original documentation to be held by your lawyer for safekeeping, that may not always be the case. Should something happen to you, it is important that your Executor(s) know where to locate your Will.
There are also a few memorandums that you should consider preparing that can help to outline your wishes in greater detail for your Executor(s). Let’s look at some of those memorandums (as applicable):
- Personal Property: If you have any personal items that you wish to gift or donate to an individual or organization, it is recommended that you set out those wishes in a memorandum, if you have not already done so in your Will. You should ensure that the item is clearly identified and who you want the item gifted/donated to. While this memorandum is not legally binding, if these specific bequests are not included in your Will, it will set out your wishes for your Executor(s).
- Guardianship: It is recommended that you prepare a memorandum setting out the reason you selected the person(s) you named as guardian for your minor child(ren), as well as your specific wishes, if any, related to their education, religion and general upbringing.
- Digital Assets: You should consider preparing a list of all key electronic accounts/devices you hold and include the access or login information for these accounts. You can include assets such as bank accounts, credit cards, reward programs, e-mail accounts and social media accounts. You may also wish to indicate whether you would like the account(s) closed, or what you would like done with your electronic devices, such as computers, tablets, mobile devices, etc.
While this list is not exhaustive, completing these memorandums will be helpful for your loved ones. If you choose to prepare any memorandums, they should be dated and signed and kept with your estate planning documents.
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This WARDS LAWYERS PC publication is for general information only. It is not legal advice, nor is it intended to be. Specific or more information may be necessary before advice could be provided for your particular circumstances.
