Larmore Scarlett, LLP
Find Solutions To Your Legal Problems 610-444-3737

Will your heirs be able to understand your estate plan?

Estate planning is not a one-time event; the best plans require periodic revisions to include newly acquired assets, changes to a family's structure and improvements in asset protection. As such, an estate plan becomes something of a living entity and will shift and grow over time. If those changes are not properly organized, the end result can be a hodgepodge of planning tools and changes that Pennsylvania heirs will have to disentangle when the time comes to set those plans into motion.

Organization is an aspect of estate planning that receives very little attention. However, without having a system in place to keep estate planning documents in order, it is entirely possible that portions of the plan will never be carried out. It is important to review and maintain the organizational side of an estate plan every time changes are made.

Organization begins with a simple list of all assets and liabilities. Details should be given for each asset, including account numbers, login information and location. Be sure to include less obvious assets, such as storage units, safe deposit boxes and older investment or savings accounts. Having this list will help the individual(s) handling estate administration feel certain that they are not missing any accumulated assets.

Liabilities are also important, as the estate administrator will be tasked with settling debts and closing certain accounts. Here again, full account information should be included, such as account numbers, online login details and payment schedules. Having this information on hand will make it easier to settle all accounts and move forward with the distribution of remaining assets.

By creating a system of organization, Pennsylvania residents can make the weeks and months following a loss easier for loved ones to manage. Keeping good records and making periodic reviews can help ensure that the estate planning efforts made will lead to the desired results. It can also make a challenging time easier for one's heirs.  

Source: valdostatoday.com, "Will You Leave Your Spouse or Kids a Mess or a Method?", Bob Lambert, Sept. 28, 2015

No Comments

Leave a comment
Comment Information

Providing strong legal representation to residents and businesses throughout southeast Pennsylvania for more than 70 years.

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Firm Location:

123 E. Linden Street
P.O. Box 384
Kennett Square, PA 19348

Phone: 610-444-3737
Fax: 610-444-9532
Kennett Square Law Office Map

Larmore Scarlett, LLP

Firm Numbers: