Three Crucial Questions to Ask About Your Accounts Before You Die

When considering the management of your estate, it’s essential to be prepared for any unforeseen circumstances.

To ensure your assets and accounts are handled according to your wishes, here are three critical questions you should ask about each of your accounts, especially if something unexpected were to happen to you.

Once you receive the answers to the above questions, store the responses in a single place. Remember: If only you know the answers, it won’t help your family or loved ones when they need it.

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1.What will happen to this account and/or policy when I pass away?

Every account from banks to insurance has its own set of rules for managing assets after an account holder’s death. It’s vital to understand:

• How your bank assets will be handled in the event of your passing.

• Whether “Payable on Death” beneficiary designations are established correctly.

• The necessary steps your beneficiaries need to take to claim benefits from your insurance policies.

2. Who is authorized to access and communicate with the institution regarding this account and/or policy when I pass away?

Accessibility to your accounts can become a significant issue if not managed properly:

• Determine who currently has access to your accounts.

• If no one can access them, you need to know the procedures to designate a trusted individual who can manage them in the event of your incapacitation or

3. What benefits or entitlements will be available to my designated beneficiaries when I pass away?

Understanding the benefits available to your family can alleviate significant stress and confusion during difficult times:

• Familiarize yourself with the specific benefits that your spouse, heirs, or estate can claim.

• Clearly outline the steps they need to take to access these benefits.

By addressing these questions with each of your accounts, you’re not just planning for the unexpected; you’re also providing peace of mind for yourself and your loved ones. Regular reviews and updates to this information can ensure that your estate plans remain robust and reflective of your current wishes.