Information List for Executors or Next of Kin

Title:
Information List for Executors or Next of Kin
Publication:
From the August 2007 Riker Danzig <i>Tax and Trusts & Estates Update</i>.
Practice:

Most of us would like to make it as easy as possible for our families to carry on after our lives have ended or if we are disabled. To that end, our clients frequently ask us, “What information and documents should my family or trusted friends be able to locate after I’m gone?” Below is a list of our suggestions. Some of these items are obvious, but there are others you probably haven’t considered. If someone you trust has ready access to this information, it can save time, aggravation, and costs in the handling of your estate and financial affairs.

Therefore, we suggest that your executor and/or next of kin should be informed in advance about the location of the following documents, or be advised as to your wishes concerning the following:

 

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1. This will be especially important if the income tax basis step up at death is repealed as scheduled in 2010. Your heirs will then take over your income tax basis at your death, rather than having the benefit of a new income tax basis equal to date of death value. Absent records, basis will be presumed to be 0.