Dealing with estates involves more than Wills, probate and distribution. It also includes the emotional challenges families face in coping with loss, especially in sudden deaths.
No one is fully prepared for loss, even if the deceased was ill for an extended time. However, the deceased preparing and providing instructions can certainly assist the family.
Here are some suggestions to help your family navigate estate matters.
Wills
Inform your family that you have made a Will if you have one. Sometimes families are unaware of the existence of a Will and this can lead to time-consuming searches. There are instances where family members discover the Will a year or two later.
You should also consider discussing the Will's contents with your family to avoid potential disputes or objections during probate. Quite often, equalization arises when spouses feel they are entitled to more than their allocated percentage, while some children may believe they had contributed more to their parent's well-being and should therefore receive a larger share.
If you do not have a Will, you should strongly consider making one.
Assets
Make a list of your assets and store it in a safe location for easy retrieval. The list of your assets should include, but are not limited to, bank accounts, shares and investments, personal effects, and real property.
Estate trustees and family members often encounter difficulties in locating assets. Contacting financial institutions and enquiring about potential assets and investments left by the deceased can be costly and again time-consuming.
Health
While some individuals may prefer to keep their health concerns private from their families, it is advisable to disclose them. This ensures that in the event of an emergency or sudden passing, their loved ones are not taken by surprise.
If you are hesitant to share this information with your family, at least confide in a trusted family friend and seek their support for the family when needed.
It is also wise to discuss your future healthcare needs and wishes, particularly when you may lose the ability to make decisions for yourself. If you do not have one, you should strongly consider establishing a power of attorney for personal care.
Funeral Arrangements and Burial
Have a family discussion regarding burial preferences. Families often experience emotional distress and confusion during the period immediately after a death and disagreements on this issue can lead to family discord. Leaving clear instructions will prevent this problem.
Legal Representation
It is advisable to retain a lawyer to advise you on Wills, probate and estate-related legal issues.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
