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Your Survivors

IMPORTANT PLANNING STEPS TO HELP YOUR LOVED ONES PROPERLY HONOR YOUR WISHES AFTER YOU DIE.

An old blues song says: "Everybody wants to go to heaven. Nobody wants to die." But the fact is, we all die.

And when you die, one or more people will need to settle your financial affairs. Since that is a difficult task,  invest some time and money now to make things easier for the ones you love when the day arrives.

Scott Taylor Smith devotes a chapter in his book, When Someone Dies, to all the things you should do along these lines, including wills, advance directives, powers of attorney and living trusts.

Here are nine important actions he suggests:

Create a file folder labeled "My Estate Plan"

Place copies of all your estate planning documents in this folder and place them in a drawer or box.

This file should include your will, end-of-life instructions (advance directives and a medical power of attorney), living trusts, organ donation wishes, guardianship decisions, real estate records, and your financial records of assets and debts.

Include a signed document naming your executors. Provide copies of all these documents to your heirs, others you love and trust, or let them know where the documents can be found in your home.

Remember to include your digital estate of things such as your online accounts and downloaded destinations, and how you would like it handled. You can create an inventory list with instructions about how to access the information.

Name your executors

An executor, typically named in a will, is the person who will be in charge of your estate. The executors are responsible for settling financial affairs.

For example, paying your debts and taxes to distributing assets and, if necessary, dealing with probate (the legal process for authenticating a will).

Spouses often choose each other as executors in their wills. If you are not married, select someone you trust: one of your children, a relative or close friend.

Choose a secondary executor, too, in case your primary executor dies or becomes incapacitated. Tell your family and friends the names of your primary and secondary executors.

If your will contains any unusual instructions or bequests, it’s best to inform your executor in advance. That way, the executor can anticipate any potential conflicts and perhaps take steps to minimize them.

Add your executor as a co-signer on your financial accounts 

This makes the money you have in the bank and investments immediately available to pay for your funeral and other expenses, like airfare for loved ones who could not otherwise afford to attend your funeral or shipping your pet to a distant guardian.

If possible, provide your executor with easy access to about $10,000. That money could help pay for any unexpected expenses such as funeral expenses or contracting for repairs to prepare your home for sale.

Rent a safe deposit box 

In the unlikely event that your house burns down,  destroying all your records or if your documents are  accidentally misplaced or discarded, you will want to have copies of all your estate planning and end-of-life care documents in a bank vault.

Be sure that your primary executor is listed as a co-signer for the safe deposit box, so he or she will have immediate access to its contents. Remember to give your executor the box key.

Decide on organ donation 

If you want to be an organ donor, tell your executor, family and close friends. In addition, put this decision in writing and keep the document in your “My Estate Plan” file.

Make funeral requests 

Do you want to be buried or cremated? Would you like your remains prepared in a “green” way? Should there be a traditional funeral or less formal memorial?

If issues like these are important to you, address them in your estate plan and tell your executor, family and close friends.

Purchase a grave site or niche 

Add the deed to "My Estate Plan" and place a copy in your safe deposit box. Make sure your executor and family know the grave or niche location. 

Consider legacy gifts 

Charitable acts are deeply personal, of course, but if you feel passionately about one or more organizations or nonprofits, include a gift to them in your will. The good that money will provide after you have passed away is immense.

Update your estate plan regularly 

If your personal situation changes — you get divorced or remarried, for example — revise your will. At least once a year, be certain everything in your estate plan file is up to date, including investment and bank statements. That will ensure there's no confusion regarding your assets and wishes.

Remember: the key is to make life easy for your survivors.