Clients often ask us what are some documents I need to gather and issues to consider as I plan for my death to make sure there is a smooth transition of my assets to my beneficiaries and for the administration of my estate.
Here are some suggestions of the things you need to have documented to ensure your affairs are in order for the administration of your estate after your death, and that your final wishes honored.
1. • Last Will and Testament or Trust
2. • Executor of Your Estate
3. • Beneficiaries of Your Estate
4. • Guardians for Minor Children
5. • Beneficiary Designations
i. 401Ks/IRAs
ii. Bank Accounts
iii. Life Insurance Policies
iv. Pensions
v. Stocks/Investments
vi. Other financial accounts
6. • Healthcare Directives (including end-of-life care instructions)
7. • Power of Attorney
8. • Proof of Identity
i. Social Security card
ii. Driver's license
iii. Birth certificate
iv. Marriage license
v. Divorce decree
vi. Passport
9. • Homeownership
i. Title
ii. Property deeds
iii. Mortgage papers
10. • Funeral Plan (service wishes, cremation and burial preferences, etc.)
Keep your original documents in a secure place at home or with a lawyer or trust company. Keep a copy of all documents in a fire proof safe at home or in a safety deposit box.
BE SURE TO TELL YOU CHILDREN AND AGENTS THAT YOU HAVE THESE DOCUMENTS AND WHERE TO FIND THEM. DO NOT KEEP IT A SECRET!
The attorneys at Bailey & Gunderson Co., L.P.A., with offices in Norwood and Western Hills at 513-631-0022, can answer your questions about your estate planning.
