The moment a family needs to act on an estate plan is usually the worst possible moment to need to go hunting for documents and accounts. A spouse or adult child who has just lost a loved one is under time pressure and emotional stress. A short, written summary prepared in advance, stored in a place the family can access, solves a large share of the problems that come up in the first week after death or incapacity.
Why a Summary Document Matters
An estate plan typically consists of several legal documents, but the legal documents may not be useful if the family does not know where they stored, what assets are controlled by them, or who to call for help. A summary is not a legal document, but it functions a roadmap for families in a time of stress.
Most of the problems that surface in the early days after a death or incapacity are logistical rather than legal. Which bank held the accounts? Where is the trust document? Is there a life insurance policy and if so with which carrier? Who was the accountant? A summary that answers those questions at the moment the family needs to act saves days of searching and dozens of phone calls.
What to Include
A list of documents and their locations. The will, the trust and any amendments, the durable power of attorney, the health care proxy, and any beneficiary designation forms you have kept copies of. For each, say where the original is stored and where copies can be found.
Names of fiduciaries with contact information. The Personal Representative named in the will (primary and successors), the trustee named in the trust (current and successors), the attorney-in-fact under the power of attorney, and the health care agent. For each, include current phone numbers and email addresses.
Names of professionals with contact information. Attorney, accountant or tax preparer, financial advisor, insurance broker, banker, and any professional trustees. Include full names, firm names, phone numbers, and email addresses.
A list of accounts and institutions. Checking, savings, brokerage accounts, retirement accounts, credit cards, mortgage, home equity line, safe-deposit box location (if any), car titles, business interests, and cryptocurrency holdings. Name the institution, the type of account, and the last few digits of the account number for identification purposes.
A digital access plan. Massachusetts has not yet enacted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA); legislation has been filed and remains pending. Under current Massachusetts law, a fiduciary’s access to a decedent’s or principal’s digital assets generally depends on the platform’s terms of service, applicable federal law (including the Stored Communications Act), and the specific authority granted in the will, trust, or durable power of attorney. A practical approach is to designate a trusted person as a legacy contact for platforms that support such a designation.
Funeral and burial preferences. Any existing pre-paid arrangements with a funeral home, any cemetery plot already purchased, any specific requests about cremation, burial, service type, or music. A one-page statement of preferences makes a deeply stressful decision easier on the family.
A letter of wishes for the trustee. If your plan includes a revocable trust with continuing trusts for beneficiaries (especially for young children or grandchildren), a non-binding letter of wishes can help the trustee understand the grantor’s philosophy about distributions for education, health, support, and lifestyle. A letter of wishes is advisory only. It does not override the trust terms, but it gives the trustee context for discretionary decisions.
What Not to Include
Usernames and Passwords. Fiduciaries generally cannot use your passwords to log into your accounts after your death. The individual institutions will have processes for fiduciaries to gain access to accounts after the account holder passes away.
Substantive distribution decisions that are not included in the estate plan. Written comments like “I really want Susan to get the lake house even though the trust splits everything equally” can be misinterpreted or relied upon by family members as expressing intent that contradicts the trust terms. If the intent is that Susan gets the lake house, that belongs in the trust itself. The summary is not the place for substantive estate planning decisions.
Contested or sensitive commentary. A summary that includes commentary about family disputes, old resentments, or beneficiaries can create material for a later will contest.
Safe-Deposit Box Considerations
A common mistake is storing original estate planning documents in a bank safe-deposit box without a plan for how heirs access it. Massachusetts banks generally limit post-death safe-deposit-box access until the bank is satisfied as to the requester’s authority. A Personal Representative can access a safe-deposit box, but the individual nominated in the will needs the original will from the safe-deposit box to be officially appointed. The Probate and Family Court can appoint a special Personal Representative for the limited purpose of a will search, but this takes time and adds an extra filing in the Probate and Family Court that could have been avoided. The practical problem is well-known: the original will sits in the box that the executor cannot open without the will.
Some banks allow you to formally name individuals who have the authority to access the box after your death. If the bank does not have this process, it is not recommended to use a safe-deposit box to store the original will.
Original estate planning documents should be stored somewhere safe in your home where the individuals named in the documents can find them.
Updating Cadence
A summary is useful only if it is current. A sensible cadence is to review the summary every year or so, as accounts and assets change.
At each review, confirm that the listed documents still exist and are in the listed locations, that the fiduciaries are still willing and able to serve, that the professionals are still active, and that the accounts listed still exist with the same institutions. Five minutes of confirmation once a year is worth more than a perfect summary that is five years old.
Storage
While family members do not need to see the summary document immediately, it should be stored where they can reach it without difficulty. Common options include a labeled binder, a clearly marked file in a home office, or a secure digital folder that the named fiduciary can access.
Do not rely on a single copy. A primary copy in one location (home) and a secondary copy with your estate planning attorney or the named fiduciary is a reasonable baseline.
Planning Ahead
A written summary is one of the least expensive and most valuable things a client can produce in connection with an estate plan. It is not a legal document, and it does not require an attorney to draft, but thinking through what to include (and what to leave out) often benefits from an outside perspective.
If you have signed an estate plan but never put together a summary for your family, that step can be completed in an afternoon and will save your family substantial time and stress.
References
- MGL c. 190B (Massachusetts Uniform Probate Code)
- MGL c. 203E (Massachusetts Uniform Trust Code)