• Have the estate planning talk with them: Include in this conversation your intentions to forgive the loans to certain family members and explain your decision. In performing this task, you will ensure that no startling surprises arise for your heirs.
• Make sure to have your plans in writing: Your intentions should be part of the estate planning record. Doing so verbally can lead to unclarity and dissent.
• Understand any potential tax consequences: Before forgiving an intrafamily loan, comprehend any tax consequences that you or your borrowing child may face. However, typically, when you forgive such a loan, it is considered a gift. In such cases, generally there are no tax issues for either of you.

Creating a delicate balance

• Finding and contacting beneficiaries and continuing to keep them informed on additional developments related to the estate and probate process. Communication is essential.
• Informing the Social Security Administration regarding the person’s death. If the person who died received monthly Social Security payments, the payments cease.
• Working with life insurance companies in determining whether the insurance policy is payable to the estate and distributed to beneficiaries.
• Evaluating and managing any remaining assets and eventually distributing them to beneficiaries. The list may include mutual funds and retirement investments.
• Determining a complete list of all property and assets, which may take time if the testator failed to keep solid records. The properties such as residential and commercial structures must get appraised and sold.
• Paying off outstanding debts to creditors and working with local governments to pay outstanding taxes.
• Delicately dealing with heirs. They have lost a loved one, so it is important to be empathetic. And, if disagreements surface, an executor must tactfully resolve them.
• Working with an attorney and court in settling the estate.

Life changes lead to will changes

• Marriage: Neglecting to include your spouse in your will promises to provide legal, financial and personal difficulties.
• Remarriage: Perhaps this is your second marriage. You want to make sure that your new spouse is cared for financially. Also, you do not want to neglect your children from a previous marriage.
• Divorce: Your original will may name your now ex-spouse among your beneficiaries or even as executor. You likely want to have your former spouse removed from your will.
• Births of children and grandchildren: You do not want to neglect vital heirs in your estate plan.
• The launch of a business: Who will take over the business when you're gone? Will the business be sold, or will the family continue to operate it? A business succession plan would address this issue.
• Changes in relationships with executor: Perhaps you and your original executor no longer get along or even have severed your personal relationship. Find someone who shares your values.
• Deaths of heirs: This includes, sad as this possibility seems, the deaths of your spouse or children.

• Designating a health care proxy or medical power of attorney to make decisions based on your directions
• Drafting a living will outlining end-of-life treatment or long-term care options
• Determining whether you want to be an organ donor
• Detailing any funeral arrangements you have already made

• Inform your heirs if most or all of your assets are placed in a trust and what that means for them
• Consider potential tax consequences for beneficiaries

Finalize your will and tie up all loose ends