Many people believe that once they have signed their will, the estate-planning process is completely finished. In fact, there are still a few important steps that you should take. Wills can sometimes omit important details that can create major headaches for your loved ones.
For example, how will your family access your online accounts? Do they know how to find all of your investments? And what if they disagree on an important part of the will? To make the estate-planning process more convenient for your family, these are three steps that you can follow.
Write down your passwords
Most cybersecurity experts will tell you not to write down the passwords for your online accounts. But when you are planning your estate, you need to make sure that your family members will be able to access your online accounts. Make sure that they have access to your passwords. If you prefer not to write them down, work with your attorney to keep them confidential and safe.
Include your investments
Your family will not be able to access your online accounts without your passwords, and they will not be able to access your investments if they cannot find them. When making your will, it is wise to make a list of all of your stocks, bonds, retirement assets, annuities, life insurance policies and any other investments that you might have. Be sure to include the contact information for the investments’ brokers, agents and financial institutions.
Discuss the details with your family
It is important to have a frank discussion with your family members regarding the details of your will. Tell them where they can find the original copy of your will as well as your lists of passwords and investments. Hearing the details of your will from you in person and having the chance to ask questions about anything they do not understand can help circumvent potential disputes about the document.