You have heard the phrase death and taxes are unavoidable. We can all agree that there is nothing worse than the loss of a cherished loved one. For those left behind, dealing with loss is a terrible pain that takes a long time to subside. Dealing with the estate after death is never easy, either. It is complicated, but there are ways to make it less complex.
As a retired person, time is your greatest resource. Take the time NOW so friends and family can take over when you can't. We pride ourselves on creating solutions before you have a problem. Our newest guidepost, "Before Death Do Us Part," offers a process for organizing your affairs to educate and inform the folks you leave behind. All you need to do is commit to doing it NOW to help your family avoid the stress of managing your affairs when you are not mentally or physically able to guide them.
Learning from Real Experience
Recently, two people very close to me have lost family members and have had a TERRIBLE time sorting things out after the loss. The good news is that they have documented almost everything that has gone wrong in their scenarios so we can help others avoid the challenges they faced!
Everyone's experience will be a little different. However, some common elements exist. If you commit to a simple list and a couple of hours, this will allow your family member to focus on your memories rather than the stress of managing your estate.
Getting Started with the Conversation
Early communication is key. To get you started on a dialogue, the URL listed below will take you to the new guidepost on our website which includes the simple list I mentioned. Alternatively, you can call the happy folks in client care, and they will send the guidepost directly to your email.
We created this guidepost as part of our Retirement Readiness initiative and to help you gather and prepare the information and documents your family will need to manage things on your behalf. You might even see an item listed you don't have in place yet! (Good thing you started early...)
Then by putting all the important resources we recommend in one place; you will be saving your family countless hours of searching trying to locate information they need. We have tried to include everything we have personally needed in our situations; from contact info for helpful neighbors to your trusted advisor; copies of your driver's license and investment summaries; birth certificates and more.
You know where you keep the important information when you need it daily, but your family will not. Conversations about what to do after you are gone are challenging to hold but are so valuable to manage while you can make decisions and collect documents that will help your family later.
Let this article be the kickstart you need to focus today on something you might know you need to do but have procrasticated. Your family will appreciate the gift of your organization later.
By David Schaeffer
Founder of American Retirement Advisors, David has spent decades helping retirees and pre-retirees build secure financial futures. His straightforward approach to retirement planning has guided hundreds of families toward confident, well-prepared retirements.
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Easy Eddie's Take
David's right about those difficult conversations, and I see this challenge all the time. Most people are surprised when they learn that even simple estates can take 6-18 months to settle when documents aren't organized. Here's the good news: you don't need a fancy estate plan to make a huge difference for your family.
Think of it this way - your family will need to know about everything from your Social Security benefits and Medicare coverage to your 401k accounts, IRAs, bank accounts, and life insurance policies. For 2026, the federal estate tax exemption is $13.99 million per person, so most families won't face estate taxes, but they'll still need to locate all your accounts, understand your debts, and know who to contact.
One question that comes up all the time is "what documents should I keep together?" Start with copies of your Social Security card, Medicare cards, driver's license, birth certificate, marriage certificate, and any divorce decrees. Add account statements for all your retirement accounts, bank accounts, and investment accounts. Include contact information for your financial advisor, tax preparer, attorney, and insurance agents. A little preparation today can make a big difference tomorrow.