I’m an Estate Planner: 9 Documents To Have Ready in Case of Your Death
Written by
Gabriel Vito
Edited by
Zuri Anderson
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Most people assume that once they’ve created a will or trust, their loved ones will be situated and everything will go according to plan.
The reality is that estate plans may not play out as intended. In many cases, families face delays, unexpected costs and painful disputes not because a plan didn’t exist, but because critical details were missed.
Financial professionals recommend keeping several key documents prepared in the event of your passing.
The Non-negotiable Documents and Records Your loved Ones Will Need
In addition to legal paperwork, loved ones often need account records and access information to locate assets and carry out your wishes.
- A will or trust: Establishes how your assets should be distributed and who is responsible for carrying out your wishes.
- Updated beneficiary designations on retirement accounts and life insurance: Ensures these assets transfer directly to the intended recipients without delays or disputes.
- A list of all accounts, debts, and assets: Helps your family identify what you own and owe, preventing overlooked accounts or liabilities.
- Deeds and property records: Proves ownership of real estate and simplifies the transfer or sale of property.
- Pension and retirement benefit information: Allows loved ones to claim any continuing benefits they may be entitled to receive.
- Life insurance and annuity details: Provides policy numbers and contact information needed to file claims quickly.
- Access instructions for digital accounts and passwords: Enables loved ones to manage or close online accounts, including banking, subscriptions and email.
- A guide to where important documents are stored: Prevents confusion by directing family members to safes, filing cabinets or secure digital storage.
- DD Form 214 (for veterans): Verifies military service and is required to access veterans’ benefits and burial honors.
It’s recommended that you tell someone where these files are, rather than vaguely saying they exist somewhere.
Evan H. Farr, a certified elder law attorney and retirement planner at Farr Law Firm, said coordination matters more than simply creating documents.
“The most common and expensive error occurs with beneficiary designations,” he explained, noting that many retirement accounts and life insurance policies pass by contract rather than through a will or trust. If those forms are outdated, the wrong person may inherit and options to fix the mistake are limited.
Small Document Mistakes Can Create Big Problems
Matt Odgers, an attorney and partner at Opelon LLP, Estate & Probate Law Firm, said most of the problems he sees are from tasks that can be solved in 15 minutes while you’re alive, but end up costing your family months to sort out.
“If there’s one thing I’d want readers to take away, it’s that creating the documents is not the finish line,” Odgers said. “Following through on every last detail — the beneficiary updates, the deed transfers, the account retitling, the DD-214 in the right drawer, the password list that’s actually current — that’s what makes the difference between a family that grieves in peace and one that grieves in a courtroom.”
Keeping original documents in a known location is also critical. Courts often require the original signed document, and if it cannot be produced, some states presume it was intentionally destroyed. In those cases, assets may be distributed according to state inheritance laws rather than the person’s wishes.
Odgers recalls a family whose parent created a trust but never transferred the home into it. That single missing deed forced the family into probate, adding months of court proceedings, legal costs and public filings during an already difficult time.
“What should have been a straightforward trust administration turned into months of court hearings, additional attorney fees, and all of it on the public record,” the attorney concluded.
More From GOBankingRates
