If you've decided that the time has come to start addressing your estate planning needs, you should reach out to an estate planning attorney to help you get things organized and ensure that you're covering all of the things you need to address. Not only will he or she help you ensure that your family is protected but will also help you address any outstanding service contracts or agreements that still need to be dealt with. Here are a few things to think about as you start sorting out your service provider information.
What Constitutes A Service Provider?
Service providers are people who perform specific services or tasks for you on a regular basis. Some examples can include housekeepers, nutritionists, personal trainers, and even gardeners or pool maintenance technicians.
Household service providers are those people who work around your house, including landscapers, water delivery companies, heating oil suppliers, and chimney sweeps.
Your medical service providers are all of your doctors, specialists, visiting nurses, and any therapists you might be seeing. If you struggle with a chronic illness, this information will be of utmost importance.
You may also have personal service providers, and you don't want to overlook them in your preparations. Personal service providers include people like a hair stylist, manicurist, and masseuse.
Why Worry About Service Providers In Your Estate Plan?
It's important that you address all of your service providers in your estate plan because you have no way to know if you'll have an outstanding balance to settle at the time of your death. By addressing all of these people in your estate plan, you can ensure that no open account is overlooked in the settlement of your estate.
How Can You Help Your Loved Ones Deal With Service Providers?
Keep an inventory of all of the service providers you rely on for different tasks. If they visit regularly, make a note of the interval at which they arrive. Keep a copy of the most recent account statement or invoice with that list so that your loved ones know if there's any balance owed.
Don't assume that your family will always know who you're dealing with for different services. Even if they do know already, grief can lead to forgetfulness and difficulties putting all of the pieces together. Simplify things and make sure that your providers are taken care of. Talk with a local estate planning attorney, such as those found at Seiler & Parker PC, about any other accounts you might be worried about.Share