Isaac Yedid Esq. & Raymond Zeitoune, Esq.

For many people, the whole idea of estate planning seems a little off-putting or taboo. Estate�planning is simply the process of getting your affairs in order so that you make things easier for�your surviving family members when the time comes. It doesn’t have to be difficult, expensive,�or depressing. All you need to do is take a few simple steps: take a look at what you own, write a�will and a few other documents, and review the beneficiary designations on your�retirement/insurance accounts. Estate planning is something you do for your family. Get it done,�and you’ll feel better knowing that you’ve taken care of them.

Estate planning is also about practical issues, and this article aims to discuss the practical issues.�After you pass on, many of the tasks and decisions your loved ones will have to handle usually�aren’t covered by the estate planning documents that are left behind. You can save your family�some headache by making your wishes known on such issues as:

• Who should be notified of your death?
• Did you prepare a will or living trust? Where did you keep them?
• Do you own a life insurance policy, pension, annuity, or retirement account? Where are the�documents stored?
• Do you have bank accounts? Do you have a safe deposit box?
• Do you own stocks, bonds, or money in mutual funds? Where are the records?
• Do you own real estate? Where are the deeds?

Most of us carry this information around in our heads and never discuss it with our family�members in a comprehensive way, which causes our loved ones to have to sort it all out after a�death.

The key is to avoid unnecessary losses. Costly or painful losses can result from a failure to�organize your affairs. Stocks, bonds, bank accounts, real estate, and insurance policy benefits�may go unclaimed and be turned over to the state government. This happens surprisingly often.�Each year, millions of dollars go into state treasuries because the rightful property owners�couldn’t be found.

On a more personal level, relatives or friends may not be promptly informed of a death, and�valuable pieces of family history may not be passed down to future generations.

Fortunately, losses like these can be avoided with a little bit of planning, sorting, and organizing.

Therefore, it is important to organize your information so that it is readily accessible at the time�of your death. Making things easier for your family is not difficult, but it may be time-�consuming. It’s best to break the task into manageable sections and take it one step at a time.

Start by thinking about some broad categories of information:

• funeral plans (arrangements and whom to notify; do you want to be buried in Israel?);
• insurance policies;
• wills, living trusts, deeds, and other important documents;
• pensions and retirement accounts;
• bank, money market, and mutual fund accounts;
• stocks and bonds;
• items in safes, safe deposit boxes, and other locked or hidden places; and
• family history, including the location of photographs, heirlooms, and other irreplaceabl items.

Then think about organizing this information in a way that will help your family handle your�affairs after your death. You can structure the information any way you like, even some scribbled�notes left in an accessible location are better than nothing. But if you have the time and energy�for it, consider a more thorough approach.

However you choose to organize your affairs, what’s most important is that you create a clear,�easily accessible system that will light the way for your family and friends.

When you’ve got everything in order, be sure to store your information in a safe place. You�might consider keeping everything in a fireproof metal box, file cabinet, or home safe. Also, be�sure to discuss your new records with those closest to you. Your careful work won’t help them�unless they know where to find important papers when the time comes. May Hashem bless us all�with long, happy and healthy lives – amen!

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The attorneys in the Corporate Practice Group and the Tax Practice Group at Yedid &�Zeitoune have over a combined 20 years of legal experience and are ready to assist you with�all your corporate/tax needs.

Isaac Yedid, Esq. and Raymond Zeitoune, Esq.

Yedid & Zeitoune, PLLC

1172 Coney Island Avenue Brooklyn, New York 11230

Phone: (347) 461-9800 � � �Fax: (718) 421-1695 � � �Email:�[email protected]

NYC Office – By Appointment Only:

152 Madison Avenue, Suite 1105 New York, New York 10016

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