Benjamin Franklin once wrote, “Three may keep a secret, if two of them are dead.” This humorous statement rings true because we know individuals who cannot keep a confidence, even if they want to. But when it comes to deciding who will carry out your wishes after you die, a lack of discretion is no longer funny; you want to be sure your plans will be executed as you outlined.
Wills and powers of attorney are common tools used to smoothly transfer important information and assets after death. When selecting someone to hold a power of attorney and be a personal representative for your estate, it is critical to choose an individual who is trustworthy. And it is essential that you find a reasonably safe way to share vital information in confidence.
Here are four suggestions to help that individual serve you and your estate.
- Compile a complete list of your assets and accounts.
- Create a list of important passwords, making certain the list is unlikely to be discovered by any unauthorized individual. Consider email accounts, banking and investment accounts, safe combinations, and credit and debit card PIN codes.
- Write a letter of instructions to your agent, telling them where to find copies of your estate planning documents and the lists you have made.
- Review your planning regularly. It’s a good idea to schedule time to look through your will and powers of attorney at least every three years to update them as needed.
Whether you are reviewing your plans for the tenth time or considering establishing powers of attorney and other documents from scratch, we’d be glad to answer questions and connect you with experienced professionals who have helped thousands of Christians through this process. Please email us at contactcenter@cdfcapital.org or call us at 888-540-7112. We would love to help.
