How Long Should My Loved Ones Keep Records and Medical Bills After I Pass Away?
Have you drafted your Virginia estate plan and named the executor who will handle all aspects of estate administration? Do your loved ones know where to find and track important information, such as your personal records and medical bills?
Plenty of questions and confusion can arise after the death of a loved one. Your efforts to conduct advanced planning and to document things can make it that much easier for your family members during an already challenging time. This includes giving them direction about who you expect to serve in the important role of executor or estate administrator, and some general guidelines.
The responsibility of the estate executor is a big one as this person must file for probate and manage any assets during the interim before your estate is closed out.
A large collection of documents left behind can prove difficult for an administrator to sort through. Keeping any type of key documents such as a medical bill, a record or other personal item should be held on to for anywhere from three to seven years after the death of a loved one. There are no specific laws regarding how long these must be kept but unpaid medical bills can become a part of final probate, and it is worth keeping your good records for some time.
You may also have a conversation with your chosen executor about what this role entails and how they can best support themselves during this process. The more organized you are, the easier it will be for them to gather these materials, pay off creditors, keep your estate organized and distribute any remaining assets to your beneficiaries.
Talk to a Virginia Beach estate planning lawyer today to document your plans.