If you have been a very smart investor, putting money away for the last twenty or thirty years in various investments, then you should have quite the nest egg when you retire. There is just one more problem. You need to figure out what to do with your nest egg in the event that you pass away. For that, you need to hire an estate planning attorney. The attorney will not only help you draft a plan of action for your unused assets but also help you decide who should get what you have left when you have exited, stage right.
Assets That Are Already Liquidated and Assets That Need Liquidation
There is a very good chance that you may not have some assets in "liquid" form when you depart from this world. Your attorney knows how to liquidate these so that the assets can be disbursed to your heirs. Everything else that is already liquidated is stuff that you can will to any heir, if there is anything left to will by that point. Physical assets, such as a property and vehicles, do not need to be liquidated unless you leave behind quite a bit of debt. (For the sake of argument here, you are passing away debt-free.)
Investment Accounts
If you have done really well with your investments, you can probably live off of the interest from your investment accounts. If that is the case, you will need to appoint someone to empty and terminate/close those accounts after you have passed away. In most cases, you will need to select an heir or a friend who you can trust and who is quite responsible. This same person should know exactly what you want to be done with these accounts so that he/she can carry out your last requests accordingly.
If you have some annuities that pay out annually, the annuity companies often require a death certificate before they will cash out remaining benefits and close the accounts. It helps to contact these companies and name your financial representative so that the annuity companies know exactly who they will deal with when the time comes. If you want total impartiality, it helps to name your lawyer as your representative. If you do so, your lawyer can cash out and close your accounts with little difficulty beyond the death certificate. It helps to streamline the process for your chosen heirs as well. To learn more, contact a law firm like Abom & Kutulakis LLP.
