A good thing to keep in mind is that you don’t have to wait until the end to start downsizing an estate. While you or an elderly family member is still alive, you can start to go through the estate and make decisions that will help ease the transition after death.
Take Inventory (of everything!):
A great place to start is by taking an inventory of everything involved in the estate. This can be a large project but it is important so that you and your loved ones know what needs to be tackled. Then you can make an organized, informed plan for how to proceed with the downsizing.
Old Paperwork:
Going through old paperwork is another important step that can make everyone’s lives just that little bit easier during tough times. We all collect lots of paperwork through the years and often it isn’t always as organized or easy to find as we would like. So, it’s a good idea to start sorting through that paperwork earlier rather than later. Work together to find what needs to be kept and dispose of what does not. Locate important documents such as titles to vehicles, deeds, birth certificates, divorse papers, adoption papers, etc. Find a safe place to keep those documents for when they are needed.
Locate Important Assets:
It can also be helpful to locate other important physical assets such as keys to vehicles and safety deposit boxes. That way you and your loved ones aren’t searching frantically for important items during your time of grief.
Photographs and Family Memorabilia:
Another place to check in and make decisions before death is on what to do with photographs and family memorabilia. Go through any old photographs and family videos and divy them up between the people who want them or find a new, shared storage solution. One helpful idea is to start the process of converting old photos and videos into a digital format that can be easily shared to the whole family and preserved for generations to come!
Contact Horn & Johnsen SC:
Finally, it is always a good idea to seek the advice of a professional when dealing with an estate. Learn more about estate planning by contacting Horn & Johnsen SC today: https://hornjohnsen.com/contact-us/
