It’s hard to plan for death when it can unexpectedly occur at any time. But, you can be prepared with certain safety measures to ensure all boxes are checked. Creating an estate plan requires several documents. Read on to learn more and meet with a qualified estate planning team to get the help you need to get these documents in place. Here are some suggestions to get started:
1) Last Will and Testament
Creating your will is your chance to name the beneficiaries for your assets. You also can specify in the will who you would like to take on your kids if you were to pass away with minors in the house. Naming a guardian can feel scary, but it is necessary to ensure your kids are cared for if something were to happen.
2) Living Trust
Just because you have a will doesn’t mean that everything will go off without a hitch if you were to pass away. When you die, your property goes straight into probate and is held until the will is challenged and processed. If you have a living trust, your property is controlled by the trust with specific instructions, and nothing will change at the time of death. People like to transfer their assets to a trust in order to completely avoid the probate process.
3) Medical and Financial Power of Attorney
Choose trusted representatives to make your medical decisions if you are unable to make the decisions for yourself. Similarly, you can name a financial power of attorney who will be able to act in your name, including paying your mortgage and other bills if you were to become incapacitated and unable to do so yourself.
4) Insurance Policies and Financial Summary
Create a summary for your loved ones, including your life insurance policies and a financial summary. That way, they will not be guessing how to distribute the available funds and how to access them. Perhaps you have investment accounts, savings accounts, and credit card details that are vital to understanding your financial estate.
5) Identification Documents
Have your personal identification documents available, including your social security card, passport, and driver’s license. Then your family does not have to search for the required documents to get a death certificate or access a bank account.
You don’t have to spend every moment worrying about death. But you can be prepared and make proper arrangements with your estate plan. Shoup Legal is here to help. Give us a call (951) 445-4114 or email [email protected] to learn more about how we can help you plan today for peace of mind tomorrow.