August 10, 2022 | 4 minute read
Estate Planning – How Self Storage Can Help Ease the Load
Estate planning can be an overwhelming experience. However, the more organized you are, the better and easier it will be for the person whom you have asked to be the executor of your will.
Agreeing to be the executor of a will is not a promise that should be taken lightly – settling an estate can require a huge time commitment and a lot of complicated decisions. It might involve selling real estate, paying off debts and taxes, closing accounts, selling assets like vehicles, sorting through and organizing other personal belongings, distributing inheritances, and so on.
At Nationwide, we have a lot of clients who come to us during the process of settling an estate, explaining that they will need a safe, convenient self-storage for only as long as it takes to finalize all the component parts of a person’s will. We have a range of options in terms of size – from small to large – and can offer space for as long as you need.
Benefits of Using Storage Lockers For Estate Planning
There are many benefits to having a self-storage locker while you are settling an estate, including:
- A fast solution. One of the first things that an executor might do is get the ball rolling on settling real estate, because that will determine other things like inheritance distribution and taxes. So clearing out the home(s) might be a priority, and the best thing to do with all those possessions is to move them to a self-storage unit and deal with them later.
- It’s safe. At Nationwide, we use state-of-the-art technology to keep your important belongings safe. You can set up your smart phone instead of using a lose-able fob, and you can monitor and get alerts if anyone has entered without permission.
- Flexible. You don’t know how long the process is going to take, and there are flexible month-to-month contracts available. This is a great option because there is no pressure to meet a deadline and you can take your time to ensure that everything is done correctly.
There are also actions you can take to keep the process flowing smoothly. Settling an estate has the potential to be a bumpy road, with high emotions, relatives with lots of questions, and a lot of moving parts. As an executor, it is important to stay organized, and a self-storage unit can help you do that.
Tips For a Simple Transition
To make the most out of your self-storage unit during estate planning and settling an estate, here are some tips:
- Create an inventory. Even before you load things up out of the property, it’s a good idea to create a detailed inventory of the assets on hand. It might be alphabetical or categorized by room. zeither way, it will pay off down the road if people start asking questions or when you begin to offload them.
- Label boxes. The next step is to pack things away. And the logical extension of an inventory is to make sure that boxes are correctly and clearly labeled. You will never regret this step because it will save time when you need to find things later on.
- Keep it separate. Keeping the deceased’s assets separate is a must-do. Ensure that you rent a separate self-storage unit for only the assets that you are settling. This prevents things from getting mixed up down the road.
- Control who has access. As executor, it is important to keep control over who has access to the unit in order to avoid disputes. At Nationwide, you can have full autonomy over who can enter your unit; keeping strict control as you settle the estate.
Settling an estate can be an emotional process, and unfortunately can be a contentious one at times. Whether you are planning your estate for after you die or are settling the estate of someone you care about, planning and making some big decisions early on will make things easier later on.
A self-storage unit is a logical, economical way to keep things organized and safe, and to help prevent disputes later down the road. There are a range of storage unit sizes that can serve either a large estate or a smaller one with fewer assets.
If you are involved with estate planning or settling, contact us to learn more about a self-storage unit can make things easier for you.
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