At this time of year we are all concerned with sprucing up our houses and getting ready for spring and summer. But what about tidying your “legal house,” and getting ready for your autumn years?
Cleaning out your closets can benefit more than just your living space. It will lessen the burden on your family when the time comes to comb through “all that stuff.” If we clean out our own clutter, our family is spared that extra emotional pull at an already difficult time.
While you’re at it, go ahead and gift those precious items to the family and friends who will ultimately receive them anyway. This lessens the chance that the item gets lost or is not distributed properly.
If you’re not ready to gift those family heirlooms, label them or make a list of who is ultimately to get them. Lists outside of wills are not enforceable in Texas, but in reality, most families will honor them so long as the distribution is equitable. Spare the kids from arguing over who gets what; you have already made that decision.
If you have many bank accounts, consolidate them. Fewer accounts to deal with will make everything easier for those left behind. Make sure all of your bank accounts have “rights of survivorship” (if they are jointly owned), or “payable on death” beneficiary designations (if they are owned by only you).
Make sure your Will, powers of attorney, and lists of assets and contacts are easily discoverable. Unfortunately, documents in safety deposit boxes can be lost when the family doesn’t know where the box is, or have access to it. A home safe is a better choice. Keep the key or combination somewhere that your loved ones will discover it.
Happy organizing!
Kendra Rey is an attorney at Hammerle Finley Law Firm, a boutique law firm offering services in estate planning, probate, guardianship, business law, litigation, and real estate. Contact her at (972) 436-9300. This article does not constitute as legal advice.
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