If you haven’t yet designated a beneficiary for one or more of your accounts, now is the time to do so. You might also want to share contact details with your beneficiaries so they’re aware of the existing accounts. Update Your BeneficiariesĪfter you’ve identified all of your existing policies, review your accounts and ensure everything has your current contact details and beneficiary information - especially for life insurance policies and bank and retirement accounts. You might even consider making a list of acquaintances, distant friends and relatives, and former colleagues who might want to be notified of your death so you don’t leave your family wondering what to do when you die. It also identifies groups that were meaningful to you that your loved ones may wish to support in your honor. This list lets your loved ones know who to contact about your death to cancel memberships and automatic payments. This may include organizations like AARP or Lions Club or charities you support, like local arts collectives or shelters. Maintaining an updated list of organizations you’re a member of or otherwise associated with is also a good idea. Keeping this information organized in a central location makes it easier for whoever is in charge of managing your financial affairs after your death. Collect and store policy documents and statements in a safe place, and be sure to include information, like: Just like your physical assets, you’ll need to keep an organized list of your financial assets, including:ĭon’t forget to include your debts as well, like mortgage details and credit cards. You can certainly keep a written list with this information, but a digital spreadsheet may be easiest to update and share with your estate team in real-time. Take notes on each item’s history and value and who you want to leave it to, if applicable. An estate planning checklist can help you identify and list all valuable assets, including: You’ve likely accumulated tangible assets throughout your life - now is the time to take stock so you can decide what you want to leave to whom. ![]() Keep these documents in one place to make it easier for your executor to move through the necessary legal processes.Ģ. Proof of identity: These documents include your Social Security card, birth certificate, marriage certificate, military discharge papers, and any other documents that can be used to prove your identity.Financial statements: Like your insurance policies, gather information about all your financial accounts, including your bank, savings accounts, retirement accounts, credit card accounts, loans, investment portfolios, and tax returns.Insurance policies: You’ll want to gather copies of any insurance policies you have, including life, health, home, and car insurance.if you’re unable to make those decisions yourself. Advance health care directive: An advance directive, also called a living will, allows you to outline how decisions should be made regarding your medical care - including medication, treatment options, end-of-life care, etc.Power of attorney: A power of attorney (POA) is the legal authority you give to someone else to make financial, medical, or legal decisions on your behalf should you become unable to do so. ![]() Irrevocable trusts are not as flexible and do not allow you to alter or terminate the trust unless you obtain a court order and unanimous consent from the trust’s beneficiaries. ![]() Revocable trusts allow you full control over your assets while you’re still alive, meaning you can change or terminate the trust anytime.Trust: A trust is a legal arrangement that allows you to place property, including money, real estate, or any other valuable asset, into the care of another person, which will be distributed to your beneficiaries at some point after you die.You can also name an executor, guardians for minor dependents or pets, and any specific funeral wishes, like if you want to be cremated or buried. Will: A will is a legal document that details how you want your assets distributed to beneficiaries after your death.The most common estate planning documents include: Much of the estate planning process involves creating and maintaining specific documents.
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