Estate Planning Checklist

What key documents do I need?

By Executor's Resource, Inc.

All of us should be planning for our eventual – or sudden – passing. No death is expected, even if someone experiences a long illness. The shock of it is still there and there never seems to be enough time to prepare for it.

You might be flying overseas, taking a dangerous job or are to be deployed in harm's way if you are in the military.

That's why it's important to chip away at putting your estate in order. Everything you do will make it easier for your friends and family after you are gone. For example, who is in charge of your pets and what should be done with them? The refrigerator needs to be cleaned, the garden and lawn kept up, the newspaper subscription stopped.

First up, the bare minimum
Here's your estate organizer lite, the bare minimum of what you need to make the process a smooth one:

Your will: Whether an attorney assists you or not, this document needs to be where your loved ones can find it. Notify your executor of its whereabouts.

Medical power of attorney: This document names a delegate to make medical decisions on your behalf in the event of your incapacity.

Financial power of attorney: This document allows someone to act in your behalf with respect to your finances and gives him the ability to sign documents, checks, etc. in your name.

Living will: This document provides your instructions to physicians, medical staff, and family on receiving medical assistance in the event that you are unable to.

Just remember that for as long as you are alive and capable, you can update these documents when needed.

Estate Organizer II, The Next Level: Really making things better for your loved ones

Do you care about your loved ones and your heirs? If you do, you should know that anything you do now to organize your important personal information will relieve the burden of your affairs after you pass. And that burden can be quite heavy for someone who is grieving for you.

Doing any one of the following makes it easier on your future executor, personal representative or trustee. If you use an online estate organizer like EstateLogic®, you can place this information in a secure location online - what documents and items you have, their whereabouts, and who to contact in an emergency situation. You can even store e-copies of your documents. When needed your executor and family can access the information you've prepared from any Internet connection.

Your detailed estate planning checklist in alphabetical order:

Adoption papers – these documents will be important in estate matters.

Accountant name and phone number – Also may have your tax return information handy.

Bank accounts and numbers – You can scan in the year-end statement as you go along. It will contain most of the information needed. Also note where hard copy checks are being stored.

Beneficiary forms from 401k, SEP, etc. - These are especially important to locate if you intend to avoid probate court. Beneficiary transfers are typically not subject to probate.

Birth certificate

Brokerage account numbers, account website and passwords, broker contact info – Most brokerage accounts have online account information that can be easily accessed.

Business and partnership contracts – The executor may need to analyze all business holdings and may need to hire an attorney to settle any conflicts on business ownerships, ie. Business valuations and buyouts.

Computer/online account IDs/password listing – This is mainly to access your laptop or other computers, close down any open online subscriptions, email accounts, Facebook or social media accounts, PayPal accounts, online bank accounts and the like. Cover both your personal and any work or business related accounts.

Credit card inventory and balances

Consumer debt documents like including mortgage, home equity loans, auto loans and others – Part of your executor's job is to settle all outstanding debts.

Divorce decree

Driver's license

Employer information - Your present employer, work address, telephone, title, supervisor, and records on any benefits (pension plans, health benefits, life insurance, stock options, etc.)

Estate Attorney - Name and contact information of the attorney who helped you create your legal estate documents.

Family Attorney - Name and contact information.

Financial Advisor - Name and contact information.

Friends and family list - Names and contact information for your direct family, and a listing of friends and others to notify in the event of your death.

Funeral/burial/cremation instructions - Include any information for any prepaid arrangements, service preferences like music, donating to charities in lieu of flowers, etc.

Health records – Often there are unpaid health bills or other costs associated with a long illness that need to be settled. Records should also include your health insurance, immunization records for you, your spouse and any dependent children, among others.

Home alarm code and location of instructions – It could be pretty embarrassing for your executor to trip off your alarm or not know how to work it should you not be around.

Household instructions, including plants and gardens, food removal – You need to write down instructions on contacting the gardener you've hired, how often the plants are watered, what to do with the utilities and hot water heater, and remind your executor to remove perishables from the house.

Insurance policies – Make sure life and health insurance policies are available.

Living will

Marriage license(s) – Some have more than one, and claims might arise after death.

Military papers – Comes into play if military benefits are involved.

Naturalization/citizenship papers

Organ donor preferences

Passport

Pet owernship papers and instructions - Pedigree or adoption papers. Instructions for pets and health records for them. Otherwise Fido might be headed to the pound.

Power of attorney

Real estate paperwork for property owned

Safe deposit box number and key location

Social Security card – Important for identification and benefit claims.

Subscriptions with automatic renewals, newspapers – As referenced before, many subscriptions will automatically renew and cause creditor problems after an estate is settled.

Tax returns – Important to be kept with loan records, insurance policies and other large documents, preferably in a safe or locked file cabinet, but make sure your executor knows where the key is or has the combination.

Trust documents/agreements

Vehicles - Listing of cars, trucks, motorcycles, as well as any recreational vehicles like boats, snowmobiles, RVs, etc.

Will


Not every document in this estate planning checklist will apply to every situation. You could have other documents that apply specifically to your situation that aren't included.


As you complete this checklist, document information for both you and your spouse/partner. Any dependent children or adults also need to be taken into consideration.


Bottom line? Creating an inventory of what you have, where it's located, and who to contact might be the best gift you give to your future executor and loved ones.For more information, visit http://www.executorsresource.com/.