No matter how much effort you’ve invested in crafting an estate plan, your will, trusts and other
official documents may not be enough. Consider also drafting a “road map.” Essentially, it’s an
informal letter that guides your family in executing your plan according to your wishes.
What to address
Among other things, your road map may include:
- A list of important contacts, including your estate planning attorney, accountant, insurance
agent and financial advisors,
- The location of your will, living and other trusts, tax returns and records, powers of attorney,
insurance policies, deeds, and automobile titles,
- A personal financial statement that lists stocks, bonds, real estate, bank accounts, retirement
plans, vehicles and other assets, as well as information about mortgages, credit cards, and
other debts,
- An inventory of digital assets — such as email accounts, online bank and brokerage
accounts, online photo galleries, digital music and book collections, and social media
accounts — including login credentials or a description of arrangements made to provide
your representative with access,
- Computer passwords and home security system codes,
- Safe combinations and the location of any safety deposit boxes and keys, and
- The location of family heirlooms or other valuable personal property.
If you’ve preplanned your funeral, include information about the arrangements. If you haven’t
preplanned it, consider explaining your burial wishes in the road map.
Communicate your motives
Use the road map to explain your reasoning behind certain estate planning decisions. Doing so can
go a long way toward easing disputes over your estate after you’re gone.
For example, perhaps you’re distributing your assets unequally, distributing specific assets to
specific heirs or placing certain restrictions on an heir’s entitlement to trust distributions. There are
many good reasons for these strategies, but it’s important for your family to understand your motives
to avoid hurt feelings.
Finally, like other estate planning documents, your road map won’t be effective unless your family
knows where to find it, so consider leaving it with a trusted advisor. Contact us if you’d like help
drafting an estate planning road map.
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