3 Types Of Documents You'll Need For Estate Planning
While no one enjoys pondering how life will be after they are gone, it is important to ponder how your estate will be dispersed after you're gone. Estate planning is a very important matter, especially if you've got multiple assets that you desire to pass on to your children, grandchildren, or other relatives. In this case, when you prepare your estate for after your death, you are essentially building and adding to your last will and testament.
Consult with a probate attorney to help you get started organizing your documents for planning your estate. Upon organizing your legal will, you will essentially want to include three types of documents that will prove highly important for how the finances that you leave behind are settled.
Legal Documents
Legal documents include your legal will and letter of instruction, your power of attorney, and any company or facility that you want as your health care proxy. You may also include any trusts if you have them set up, as well as what to do in cases where a "do not resuscitate" order should be considered.
Organizing these legal documents can be a painstaking task, but having them all in order will be required when meeting with your probate attorney.
Your Accounts
When forming the plan of your estate, consider taking a list of any bank accounts you may hold. Information regarding your bank account can also include any 401K's, IRA accounts, pension plans, and savings bonds you may have. You will also need to keep a list of all user names and passwords for any email accounts tied to these accounts.
Often, probate lawyers will also want information regarding any life insurance policies you may have, as well as any long-term care insurance policies. If you keep a safe-deposit box with any of these documents, this information needs to be included in the probate process. The more methodical you are when forming your estate plan, the better.
Other Documents
If you feel that a specific document should be included in your estate planning, then go ahead and include it. Some documents like any housing, land, or cemetery deeds and vehicle titles should be included when estate planning, as well as any marriage, divorce, and even military records. You should also include at least the last three years' worth of your tax information (returns, audits, bankruptcies), as well as any mortgage accounts, loan information, and any partnership or corporate operating agreements.
For more information, contact David R Webb Attorney or a similar legal professional.
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