How often should you update your Supplemental Estate Plan? Every year.
Due date: Before you pass away.
So grab your favorite drink, get comfortable, and make it a tradition—add a yearly calendar reminder to update your estate plan and keep everything current.
Estate plans come with four elements:
- Advance Healthcare Directive
- Trust
- Will
- Power of Attorney
The primary goal of an estate plan is to avoid probate—saving your loved ones from the time, expense, and hassle of going through court to settle your affairs. Beyond that, your estate plan offers guidance, eases the burden on your loved ones, and prevents the dreaded scavenger hunt when they’re trying to piece things together after you’re gone.
One of the most difficult questions for a successor trustee or estate administrator is:
“Did I find everything to close out the estate?”
To help avoid that uncertainty, while preparing the estate plan, I encourage clients to go a step further — create a Supplemental Estate Plan. It’s an ongoing task, but these guidelines will help ensure that your estate gets the closure it needs on your terms.
What to Include in Your Supplemental Estate Plan
(Keep two copies with your Estate Plan)
- Inventory – Create a document with two columns.
- What you own: assets and digital assets
- The location of the assets
Identifying the assets are for distribution purposes. Since this is a private document, you can be as detailed as you want/can. A Living Revocable Trust serves as a depository for both current and future assets. New assets can be added simply by renaming/titling them in the name of the Trust. No need to amend the Trust itself.
Keeping an updated inventory helps your successor trustee gather and distribute your assets properly. Remember, something that may look like “junk” could hold real value—financially or emotionally.
Bonus Tip: Categorize your items.
- What will be donated to charity/goodwill
- What will be kept to distribute to family/friends
- What will be thrown away
Examples:
- Bill’s baseball cards – location: cabinet in basement/garage – distribute to daughter
- 2019 Honda Accord – location: garage – donate to local school
- Grandmother’s necklace – location: jewelry box in the closet – give to grandchild.
Contact list – Who needs to be notified of your passing? You may have numerous contacts on your phone, yet not everyone needs to know that you have passed. Make a clear list of anyone who you want/need to be notified of your passing (e.g. family, friends, doctors, upcoming appointments, etc…).
- List names
- Addresses
- Phone numbers
- Emails
- Phone numbers
Also include financial institutions – List the account numbers of credit card companies, bank account(s), mortgage lender, landlord, HR/payroll, social security admin, DMV, subscription services, gardener, housekeeper, etc…
Final Steps:
Print at least two copies to keep with your estate plan. Then shred the old one.
This isn’t just about organization—it’s about reducing the emotional and physical stress your loved ones will experience. A Letter of Instruction can also offer direction and clarity when your loved ones need it most.
Need Legal Guidance?
If you have questions about estate planning or any related topics, The Law Offices of Ian S. Topf, APC offer a free consultation on a variety of legal matters including:
- Landlord/Tenant Issues
- Estate Planning
- Family Law & Divorce
- Bankruptcy
- Criminal/DUI Defense