#25 of 25 Estate Planning Mistakes – No Records

Lack of Record Keeping
Estate planning is partly about making things easier for your family to close out your estate following your death. However, many successor trustees / personal representatives end up spending a lot of time searching for information which was not properly organized. They need to inventory your estate or trust assets, so they need to know what you owned, so they can be certain the inventory is complete. They need to locate, liquidate, close and distribute every account, but first they have to identify them. If you are not organized, they may miss an asset, disrupting your distribution plan and complicating the process. A lack of organization will also increase the time, money and effort needed to close your estate.