Hello bighairymike: In response to your query:
“I am trying to do the same thing, make it as easy for my heirs and executor as I can. If you don’t mind, could you share any of your strategies that will ease the burden.” (sorry - have forgotten how to italicize)Here are some steps I have taken so far -and I am sure there may be arrows shot at me… - joesgirl80
1 I am consolidating assets - I now have only one online broker instead of 3. I have closed some bank accounts.
Same here. I used to have accounts at Ameritrade, Vanguard and TRP. Over the years I methodically consolidated into Vanguard, and closed the rest.
2 I will do my RMD each year on Jan 2 instead of late December; in my mind this may eliminate another executor responsibility if it has already been addressed in the year of my death.
Mine start next year. I had hoped to avoid RMD’s all together by getting all my TIRA converted to Roth but fell about four years short. Should have started sooner.
3 I am gifting some real estate now; this was tough for me to let go.
I just sold my only real estate outside of my residence so this is as clean as it can be. I am right now adding a TOD to the deed so the property can pass outside of probate. Not every state allows this but Texas does.
4 I have prepared a guide book for my executor and alternates as they are young and inexperienced. And they don’t want to talk about it! Written directions, suggestions for various: names of friends and relatives to notify/probate directions/how many death certs and what entities will require certifieds/how to get a house appraisal/account numbers with ID and passwords, etc. This project grows more than I anticipated!
I have had one of these going for a while now. I open it up periodically as I think of something new to add. You post reminds me I need to add a section on passwords and another section on friends to notify.
5 Not financially related, but as an octogenarian, I am now downsizing my household clutter - donating “stuff” to charities that distribute or resell. I hope my descendants will appreciate this!
Good for you. I need to do this but knowing myself it will not happen. Lord help my daughter with my massive collection of important stuff.