Without proper preparation the courts will make decisions about your life and estate based on local and federal laws. You and your family are not directly involved in the decision making process. Your children could become wards of the state. Your family could be permanently divided without direction about the decision making process. Your final wishes may not be carried out.
Prepare your estate documents. Seek out a professional advisor who specializes in estate planning. Your advisor should be certified by an accredited organization. At minimum you will need a will. It is also advisable to have a financial and health care power of attorney in case you are incapacitated. Your estate planner will be able to determine the appropriate set of documents for your estate.
Make advanced arrangements for your death or incapacity. There are many advantages to arranging your funeral, cremation or cemetery services in advance. Not only do you make your wishes known but you also protect your family from having to make such decisions at a difficult time. Making your own decisions about the type of service, merchandise and price prevents emotional overspending by family members who can only guess what you might have wanted. Many individuals also choose to purchase homes in retirement communities that have direct access to assisted living and nursing homes.
Select a set of trustworthy individuals to carry out your last affairs. They should have frequent enough contact with you so that your absence would be noticed in a relatively short period of time. Candidates might include family members, friends, or co-workers. After confirming that these persons are willing to carry out your final wishes you need to leave them with a written set of instructions designating what duties need to be fulfilled.
Create a list of persons whom you want notified in case of death or incapacity, along with their contact information. The list of can include family members, friends, attorneys, financial advisors, tax advisors, executors, guardians, health care agents, attorneys-in-fact, trustees, and representative payees.
Document what needs to be done to take care of your affairs. These affairs might include taking care of your pets and plants, picking up your mail and newspapers, and paying your bills as they come due. You should also write out a short description of what tasks you assigned and who you assigned them to. You should record details about credit cards, loans, subscriptions, At Home Care by health care professionals, lawn care, maid services, pet care, home security, pest control, private schools, home owner associations, places of worship, bequests, and final wishes.
Document your legacy. You may want to keep a record of your personal notes as an everlasting gift to future generations, including diaries, memoirs, goals, accomplishments, achievements, values, childhood memories, family history, genealogy and ancestry information, recipes, memorable letters, and Child growth charts.
Inventory your belongings. List your assets (personal, business, and investment), liabilities, and insurance coverage. Include model and serial numbers. You should record details about real estate, personal property, vehicles, insurance policies, bank accounts, financial assets, award programs, benefits, and pensions. This inventory should also include:
- The location of original financial and family documents including birth certifications, marriage licenses, wills, trusts, deeds, powers of attorney, tax returns, insurance policies, stock and bond certificates, and personal notes.
- Photographs of your home that include any landscaping and improvements.
- Photographs of cars, boats, and recreational vehicles.
- Appraisals of jewelry, artwork, collectibles, and other property that is difficult to value.
- Copies of receipts and cancelled checks for more valuable items.
- Copies of contracts with assisted living centers, nursing homes, funeral homes, and cemeteries.
Make your estate documents available to the appropriate persons or institutions. If your estate documents can not be found when needed then it is as if these documents never existed. Overlooking this most important task can cause your estate plan to fail. Your final wishes may not be carried out as planned.
Summarize your arrangements into a single document. Once you have completed these steps you should write out a short description of what tasks you assigned and who you assigned them to. This document will help you recall what needs to be done and who will do it.
Periodically review and revise your plans. In the event that one of the persons whom you delegated a task to is no longer able to, or you no longer want them to, carry out their task then you will need to revise your plans. Reminding persons who you assigned tasks to periodically would probably also be advisable.
Consider using technology to organize your final affairs. A virtual safe deposit box is an Internet based service that stores your information in a secure, remote location. Your information is always available, through natural disaster, theft, even death and incapacity. Your information can also be shared with trusted parties such as family members, advisors, and medical professionals so that it's available when it’s needed most.
James Bell
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