Why Every Family Needs an Estate‑Planning “Fire Drill”
When my daughter started kindergarten, she came home buzzing about something we all remember from our own school days: fire drills. The alarm blares, everyone files outside, teachers take attendance, and after what feels like an eternity, you’re finally allowed back in.
To kids (and honestly, plenty of adults), fire drills can feel unnecessary. But we know better they exist so that in a real emergency, everyone knows exactly what to do.
Estate planning works the same way.
We encourage every family to run an “estate plan fire drill” a thoughtful, organized walkthrough of what would happen if you or your spouse were to pass away unexpectedly. It’s not a fun exercise, but it is one of the most loving gifts you can give your family. By preparing now, you reduce confusion, minimize mistakes, and ease the emotional burden during an already difficult time.
What to Include in Your Estate‑Planning Fire Drill
Think of this as your family’s emergency binder the information your loved ones would need to carry out your wishes and keep life moving forward.
Here’s what to gather:
- A list of family members and friends to notify
- Your funeral and burial preferences, including key contacts
- Estate documents: Will, Powers of Attorney, trusts, and any other legal paperwork
- Living Will or advance directives
- Information on any safe deposit boxes
- A list of passwords for important accounts, including digital assets and social media
- Contact information for your professional advisors — financial advisor, accountant, attorney, physician, etc.
- A list of financial and bank accounts, including account numbers
- Social Security numbers for you and your spouse
- Subscriptions, services, or insurance policies that may need to be paid, updated, or cancelled
- A list of potential living arrangements if you’re no longer able to live at home
You can also write a letter of instruction, a simple, step‑by‑step guide outlining what needs to happen first, who to call, and how you want things handled.
Sharing this information with the executor of your estate dramatically increases the likelihood that your wishes will be honored and reduces stress at a time when clarity matters most.
A Lesson From a Five‑Year‑Old
When my daughter and I talked about her school fire drill, I reminded her that it’s always better to be safe than sorry. She nodded and said, “Fire drills are the safe thing to do.”
She’s right and the same wisdom applies to your estate plan. Preparing now is the safe thing to do for the people you love.
For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Wealth Services, LLC nor any of its representatives may give legal or tax advice.