Law Offices of Connie Yi, PC - estate planning
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Gifting your heirs … by not leaving a financial mess

| Jan 5, 2018 | Uncategorized |

When it comes to thinking about their heirs, most planners across Alameda County and the Bay Area likely focus most of the time on matters relevant to asset transfer and inheritance. That is certainly understandable.

A writer for NerdWallet, a San Francisco-based online financial website, counsels that heir-related considerations should additionally encompass one additional and very important matter.

And that is this: death cleaning.

We suspect that such a term sounds jarring to many readers of our California estate administration and tax law blog.

Columnist Liz Weston says it shouldn’t. Actually, it is just a literal translation in Swedish for the concept of decluttering while aging. Weston denotes it as “getting rid of excess rather than leaving a mess for your heirs to sort out.”

We’re not talking your loved ones having to deal with a couple extra sofas or a large pile of dirty laundry after your death. Rather, the focus of death cleaning is on tidying up — read simplifying — your finances following a thorough combing of documents, accounts held at various financial arms, credit cards and so forth.

Following a loved one’s passing, heirs are frequently confronted by one of two realities: dealing with financial accounts and records that are already in a reasonably organized and simplified state … or walking into bedlam.

Understandably, the first scenario plays out best for all concerned.

Weston’s NerdWallet piece focuses on some useful information and tips applicable to financial cleaning, which readers can access through the above highlighted link.

More importantly, they can do this, especially if they seek counsel on managing their affairs in a manner that future generations of their families will long appreciate: contact a proven estate administration attorney for advice on organizing, simplifying and safeguarding financial accounts and records so that heirs can optimally work with them at a future date.

Archives

FindLaw Network

Recent Blog Post

Even a fortune can disappear without sound estate planning

Some figures baffle.Like the speed of light. Like the age and size of the universe. And like estimates pegging the personal fortunes of America's richest families.Consider this imagery relevant to the storied Vanderbilt family for a moment: a pile of money equaling...

Remarrying couples unquestionably need to focus on estate planning

Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new realities.Don't be one of them. Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new...

View More Blog Posts