Documents Essential to Estate Planning

The following details are crucial for the administration of your estate after your passing.

  1. BANK ACCOUNTS – Verify that direct beneficiaries are listed on each of your bank accounts. The bank only needs to have this document on hand. The beneficiaries merely need to take their identification and your death certificate to the bank.
  2. TRANSFER ON DEATH DEED – If you own a home, a Transfer on Death Deed (TOD) is a legal requirement. Your heirs will save thousands of dollars if you fill out this form and submit it to your county. You can give your chosen recipient(s) ownership of your house using this document. All they have to do to transfer the deed is bring their identification and your death certificate to the county building. By doing this, the house will avoid going through probate.
  3. LIVING WILL – This enables you to specify in writing what you want to be accomplished in the event that you are unable to speak for yourself on medical matters.
  4. DURABLE POWER OF ATTORNEY – This instrument enables you to name someone to handle legal matters on your behalf if you become incompetent.
  5. POWER OF ATTORNEY FOR HEALTHCARE – With the help of this document, you can name a representative to make healthcare choices on your behalf if you become unable to do so.
  6. LAST WILL AND TESTAMENT – This document allows you to specify who will receive your personal property, who will guard your minor children, and even who will take care of your pets.
  7. FUNERAL PLANS – With the help of this document, one can express their precise preferences for the final disposition of the body and the funeral services.

Estate Plan, Living Will, and Healthcare Power of Attorney documents

You can AVOID probate if the aforementioned documents are completed. If none of the aforementioned are done, you must open an estate account at the bank. This account is where all funds that don’t have immediate beneficiaries are placed. To open an estate account, you must have legal representation. In order for someone to lodge a claim on your property, the attorney must also advertise your passing in the newspaper or post-publication at the county courthouse.

Make a list of all banks, their account numbers, investment companies, credit card numbers, utility account numbers, etc. Give specific instructions on how and when to pay for these items. Make sure the location of any life insurance policy is known to the heirs.

It is important that the following items have been done:

  1. Your Apple ID, bank ID account logins, and all passwords are in the care, custody, and control of a trustworthy person.
  2. Have a file with the titles for all vehicles, campers, etc.

It is very important to communicate all of your wishes to the people who are closest to you. Speak with the people you have chosen as well as your family and friends who you did not choose. Do this to provide justification for your choices and to put an end to any lingering queries or damaged feelings.