By J. Andre Weisbrod

Many people take care of the basic strategies and documents of estate planning, but fail to address many practicalities that can help heirs significantly. There are four significant ways to help your heirs deal with the often stressful and confusing process. First, try to simplify your asset holdings as much as possible and employ a team of advisors that could easily provide continuity. Second, include a letter of instruction to go with your will(s) and/or trust(s). Third, discuss your wishes with your heirs while you are still capable of doing so. Fourth, introduce them to your "key" advisors.

"Frank" had a good will and a living trust. But when he died, his heirs found a complicated hodgepodge of assets and no real guidance as to what to do.

Frank had five different IRA accounts with four different institutions. He had three different brokerage accounts, stock certificates in a bank deposit box, accounts with three different banks and policies with five different insurance companies. And then there were some death benefits from former employer plans.

Frank had not told any of his children, nor had he written any instructions specifying any particular brokers, agents or institutions as being his main advisor or advisors. And he had made no recommendations to them about any of it. All they remember him saying is, "Don't put all your eggs into one basket."

Having multiple accounts and many advisors may provide diversification, but it also can be confusing and inefficient. Try to find a good balance that provides you with good diversification but also provides coordinated, consistent advice and continuity that can last generations.

Even if you have multiple advisors, I recommend picking one to be your "key" advisor in each major area and recommend to your heirs that they follow this person's guidance. You might even recommend they consider retaining these advisors for their own affairs as they can provide continuity and understanding. The "key" advisors for most people will be an attorney, an accountant, an investment advisor, a financial planner and an insurance agent. The same person can often fulfill the last three categories.

Tell your advisors that you would like to simplify your estate as much as possible without sacrificing your objectives. Consolidation of investment accounts and insurance policies should be considered.

"Mary" died with a general will that was adequate but her children faced a plethora of problems. First, they didn't know where many things were. They had to search through drawers and files and mail to locate bank accounts, investments and insurance policies.

Second, they were not sure who to contact for legal and other advice. The attorney who drafted the will ten years before had moved and there was no current address or phone number. Investments and insurance were scattered among a number of firms and advisors.

Third, Mary had not let them know exactly how she wanted her funeral and memorial service (if any) handled.

Fourth, Mary's personal possessions were not detailed in the will as to who should receive what. And she did not discuss these things with them. Her children disagreed on a number of issues and tension increased among them as they tried to deal with them.

A Letter of Instruction can be as simple or as complex as you desire. But it might include at least the following basic content.

1. Your desires regarding funeral arrangements, memorial services and any other ways you would like to be remembered.
2. A list of your "key" advisors, including addresses and telephone numbers.
3. A current list of all assets, liabilities and the locations, account numbers and institutions holding them.
4. Your desires and/or philosophy regarding how you would hope your heirs view and mange their inheritance.
5. Personal messages and words of encouragement. You might want to make individually sealed private letters with personal messages for each heir

It may not be pleasant, but verbally expressing your feelings and desires about some things can be helpful to everyone. Of course you need to use discretion and communicate in a positive and uplifting manner. It is possible the Letter of Instruction will be enough, but talking in person can communicate certain things that a letter might not.