Many Michigan residents enjoy having control over the various aspects of their lives. It is not unusual for people to thrive when they have responsibility and when they feel as if they are keeping important matters in order. However, it is important to remember that while one person may feel more capable or willing to handle the household finances, it is vital to keep other family members in the loop. The same can be said about a person’s estate plan.
Because estate planning is so personal, it is not uncommon for individuals to make their plans without fully consulting with their loved ones or even telling their loved ones that they made a plan. Unfortunately, leaving family members in the dark could result in complications for those individuals in the event of a loved one’s unexpected passing. What’s worse is if a loved one does not create a plan at all because he or she has the unreliable notion that there is always time to plan later.
Some important information to communicate with loved ones early on includes:
- Usernames and passwords for online banking and other important accounts
- A list of intangible assets, such as investments, and assets that may not be kept in the home, such as items that have been lent to others
- Where to find this important information, such as in a filing cabinet in a home office or a specific document kept on a computer
Having an estate plan is only useful if loved ones know where to find it and can access the information associated with it. Too often individuals do not think about the difficulties that not having a password could bring to surviving loved ones. While it may seem jarring to provide such personal information to outside parties, ensuring that a trusted person can access these details may be prudent for Michigan residents.