Recently I’ve noticed a particular social media post making its rounds. The anonymous author of the post offers a laundry list of estate planning tips, tricks and tools. While the post brings up several good considerations, there is also some misinformation, with parts of the advice being incorrect, “state specific,” and/or not applicable to everyone. I thought this would be an appropriate time to offer 15 universal tips to help make things less complicated for your heirs in the event of your passing.

1. Create a last will and testament and file a copy with your attorney or place a copy in a safe place where your loved ones can locate it. In Louisiana a will can be handwritten, or it can be typed and notarized (recommended). Although a last will and testament is not legally required, without a will state laws will determine the distribution of your assets. With a will you can choose an executor – someone who will be responsible for carrying out your wishes as specified in the will. A will allows you to detail how assets, such as real estate, personal possessions, and bank accounts, should be divided upon your death. In Louisiana it also allows you to name someone as the legal guardian of your minor children.
2. Make a list of all life insurance policies, retirement/investment/bank accounts, businesses in which you have ownership, real estate you own, etc. Again, the goal is to make things simpler for your loved ones.
3. Add someone else to your bank accounts. Talk with your banker about the available options (e.g. joint owner, signer, payable on death), which may vary by bank and state. Also add a trusted contact person to your investment accounts – someone that your financial advisor can contact if he or she suspects that you are dealing with a health issue or that you are being financially exploited (scammed).
4. Have the following documents in place: 1) living will – a written declaration that states your wishes regarding life-sustaining treatments if you are terminally ill or in an irreversible condition. 2) durable power of attorney – allows you to designate a person to make legal/financial decisions for you in the event you are not competent to do so. A durable power of attorney remains in effect in the event you lose mental capacity; 3) medical power of attorney – allows you to designate a person to make healthcare decisions on your behalf if you are unable to make or communicate those choices due to illness or injury. The designated person can decide on medical treatments, surgeries, and other healthcare matters in accordance with your wishes. Note: Other types of power of attorney exist, and they may vary by state.
5. Organize your important documents and store them in a place where your loved ones can find them. This may be a bank safe deposit box or a home safe. If you choose a bank safe deposit box, add someone you trust as a signer so they can access the box – and have the key accessible to them. If you decide on a home safe, make sure someone knows the combination and/or has access to a key.
6. Assign beneficiaries to all life insurance policies, retirement accounts, and even bank accounts if you feel it is necessary.
7. Consider drafting a funeral planning declaration, which outlines such details as whether or not you want to be buried or cremated, if you want to be entombed, which funeral home should handle the arrangements, and the location where your body should be interred. If specific details of your funeral service are important to you (preacher, message, music), you may also detail them in this document.
8. If you wish to be an eye, organ, or tissue donor register online at https://registry.donatelifela.org/. You may also register when you renew your driver’s license.
9. Review your beneficiaries, will and all estate plan documents at least every three to five years or when there is a major life event.
10. Talk with your financial advisor about whether or not establishing a trust is right for you. Benefits of a trust include the protection and preservation of your assets, controlling how your wealth is distributed, minimizing taxes, and addressing family dynamics such as divorce or blended families.
11. Think about who will pay the bills after you are no longer here. If the answer is your spouse – but he or she has never paid the bills – start some training now. Make sure he or she is familiar with all credit cards, utilities, loans, and policies and provide instructions on how to pay them.
12. Make sure someone else knows where the titles to all vehicles, ATVs, campers, trailers, boats, motorcycles, etc. are located. These should be kept in a safe location, not a desk drawer or pile somewhere.
13. Ensure someone has access to your social media accounts, bank logins, Apple ID, Paypal and Venmo accounts, your cell phone passcode, etc. Having this information will save your loved ones a lot of hassle.
14. Utilize a “final wishes organizer” and place the above information in this handy book. There are many book titles available, such as The Peace of Mind Planner and I’m Dead - Now What? available for purchase on Amazon.
15. If you have questions about any of the information above, discuss with your financial advisor. Your financial advisor or an estate planning attorney can guide you through this process and provide you with peace of mind knowing that you have a solid estate plan in place.