Set it and forget it concepts like automatic payments to your cable, Internet, phone, or car loan provider make it simple to meet your obligations without much thought. But what happens if you were to pass away suddenly and none of your heirs had the contact information to cancel these payments?
Forgetting to pay a bill might seem like a problem that’s well worth setting up autopay for. However, this mistake could make it more difficult for your loved ones if you were to pass away. Setting up auto-pay means that if something were to happen to you, these bill collectors don’t necessarily know that you have passed away, making it a more complicated probate situation for your loved ones to address.
Keeping a list of all of your current in-person and online accounts is strongly recommended as part of an overall estate planning strategy. This makes it easier for your personal representative or executor to approach the topic of estate planning and verify that any auto payments are discontinued as soon as possible.
Since your bank account might be kept open for a couple of weeks after you pass away, having these instructions readily available to the person appointed in this role can make a big difference in allowing them to close out the accounts before further drafts are taken.
Schedule a consultation with our Pasadena estate planning lawyers to decide the best financial and estate strategies applicable to your individual concerns and family. Providing access to the most important account information can streamline things for your probate lawyer or for your appointed representative to be able to protect your assets, guard against fraud, and close out these accounts sooner rather than later.