“I won’t have to worry about it, I won’t be here.” True. However, at your passing, your friends, family and loved ones will “be here” and they are the ones who will have to “worry about it.” Your Last Will and Testament tells the Court exactly who should receive your assets. If you have items with special meaning, your Special Writing can direct the distribution of those assets. Having a red file will assist your Personal Representative with the preparation of the inventory, and transferring those assets to the Estate, and then to the designated beneficiaries. It is time consuming and expensive for your estate to try to identify and transfer all of your assets, especially if they do not know what or where they are. This is especially true if an estate tax return is required. Additionally, your beneficiaries will likely be in an emotional state and will not be able to understand your intent unless you leave specific instruction. Speak with your attorney regarding your estate planning. Your beneficiaries (may) be thankful.
-Emily A. Helmick, Esq.