Info for Consumers
		Privacy
		Advice@American Express
		Tips, Tools &
		Information
		Consumer FAQs

This Week's Article

Advice Archive by date

Advice Archive by topic

Give your heirs the information they need before the need arises

A death in the family is always devastating to survivors, but it can be less so if you settle some key issues in advance.

Inventory of your assets
Begin by providing your heirs with a current and complete inventory of your insurance, bank accounts, investments, real estate and other assets. Alternatively, you may prefer to let someone you trust, like a financial advisor, accountant or attorney, know where the information is located. And, update this record annually.

Important legal documents
Your family members should also know where they can put their hands on important legal documents such as wills, durable power of attorney and health care power of attorney.

• Wills are the most fundamental estate planning documents, without which your assets will be distributed according to state law at your death instead of according to your own wishes. And the probate could delay it for months.

• A durable power of attorney is another critical document, one that is often overlooked. Drafted with the help of an attorney, this document allows your designee to act on your behalf for such things as signing tax returns, transferring assets to a trust and making other financial decisions on your behalf. However, it doesn’t replace a will – in fact, its power lapses at your death.

• A health care power of attorney designates an individual to make health care decisions on your behalf. It should be coupled with a living will that outlines what type of measures you find acceptable to prolong your life.

Funeral arrangements
An informal discussion with your intended heirs about the type of funeral you would like could ease difficult decisions for them. Tell them if you have already purchased a burial plot or made arrangements with a funeral home or cremation society.

System for conducting financial affairs
If you’ve been handling your financial affairs without the involvement of your partner, spouse or other family members, this might be a good time to speak with them about your financial situation. Talk with your significant other and determine your joint wishes before speaking with other family members about your financial situation and intentions.

Another important step in this process is introducing your family members to your trusted financial team, which may include a financial advisor, accountant and/or attorney. These professionals can help you make the right financial decisions to manage your estate, leaving you more time to enjoy life knowing your wishes will be carried out.

February 22, 2001
.

Copyright (c) 2000 American Express Company. All Rights Reserved. Users of this site agree to be bound by the terms of the American Express Web Site Rules and Regulations. View Web Site Rules and Regulations and trademarks and Privacy Statement of American Express. See Corporate Entities and Important Disclosures for additional information about the American Express entities who offer products and services on americanexpress.com. American Express Brokerage is offered by American Express Financial Advisors Inc., Member NASD and SIPC. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker dealer.