Once you have an estate plan in place, some final steps include: communicating the plan to your family and heirs; writing a letter of instruction; periodically reviewing the plan; and coordinating the plan with your advisors.

You can dramatically smooth the passing of the estate’s assets by communicating the estate plan in advance with the heirs. Heirs, stressed by the loss of a loved one, frequently feel uncomfortable, even guilty, about receiving an inheritance. Good planning and prior discussion can relieve much of their anxiety about receiving and managing the inheritance.

Keeping your estate plan a secret can also spark a bitter feud among the heirs over the distribution of the estate’s assets. Explain to heirs why you’ve made certain decisions, especially if it isn’t a simple matter of dividing liquid assets such as cash and stock evenly among them. Who will run the family business? Who gets the vacation home? Who receives which heirlooms and memorabilia? Listen to their feedback and revise plans, if appropriate.

Explaining your Living Will/Medical Power of Attorney can minimize inter-family conflicts over your medical treatment should you become terminally ill, as well as minimize family anxiety about your wishes.

The most important letter you may ever write - A simple letter of instruction, written in tandem with your Will, may be the most important letter you will ever write.  Not only will it provide your immediate family with information they may need, it also ensures that your affairs will be handled as you wish.

This letter of instruction may include:

·        The type of funeral you prefer and any prearrangements you made with the funeral home and/or minister

·        The contact information for each of your insurance policies including Medicare

·        A financial statement listing your accounts and any outstanding loans

·        The location of important papers and the key to your lock box or combination to any locked containers

·        Persons to contact such as relatives, friends and advisers

·        An obituary listing your name as you wish it written, including nicknames, place and date of birth, immediate relatives and any noteworthy accomplishments.

When you complete your letter of instruction, inform someone close to you where you are keeping it. Except for an occasional update, forget about it and enjoy life, knowing all is in order.

Keep organized financial records - Perhaps heirs find nothing more frustrating at a time of grief than digging through disorganized and incomplete financial records.

Keeping good records - what assets you have, where they are located and how to get in touch with the appropriate financial advisers - can save your heirs immense headaches, reduce the chance of costly errors and ensure that all assets and debts are accounted for.

Take care to document the cost basis of your assets.  The cost basis is what you paid for an asset, plus possible adjustments.  This will become particularly important should the estate tax be replaced with a capital gains tax on assets passed to heirs.

Review your plan periodically - Review your estate plan regularly, particularly such components as Wills and Trusts. Tax laws change, personal circumstances change and your net worth may increase or decrease, necessitating revisions to your plan.

Coordinate your estate plan with planner and attorney - While some personal financial planning professionals are qualified estate planning attorneys, most planners work with outside attorneys. Both professionals need to work closely together because it’s important that the estate plan and any accompanying legal documents work in tandem with other elements of your overall financial plan, such as investments, saving for retirement or putting children through college.