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If you already have a will in place, you’re ahead of the curve. In fact, most people in the U.S. find themselves ill-prepared when it comes to end-of-life planning – residents of Palm Beach County are no exception. Unfortunately, having a will is only a fraction of the documentation necessary to be fully prepared for the inevitable, no matter how far into the future it may come. Believe it or not, will planning is more involved than just drafting the will itself.
It is not uncommon for the executor of an estate or the family members of a lost loved one to be forced into digging through stacks of paper to determine whether or not the deceased has outstanding debt, or if there was an insurance policy in place. It is recommended that people include information about outstanding debts when they compile their end-of-life documentation. Nowadays, a list of passwords for accounts paid online is also a good idea; not to mention personal identification numbers and information like mother’s maiden name, et cetera.
Something else that often goes overlooked when will planning is documentation concerning any investments a person may have in place. The contact information for brokers or agents along with a list of any assets a person may have can go a long way toward easing stress for loved ones in the wake of loss. Finally, it’s not a bad idea to leave detailed instructions – and set aside funds – for funeral arrangements. When doing so, including a list of organizations and close friends to contact may also ease some strain.
Will planning in Palm Beach County is not an easy subject to breach. No one likes the idea of planning for the end of life. Unfortunately, death is inevitable and will come to every person. Discussing the aforementioned details with your family members will ensure that loved ones do not suffer unnecessary stress.