9 Essential Estate-Planning Documents

Dying without a will leaves your family and heirs with a potential mess. But without one, a probate court will decide where your property goes, which can take months, and sometimes, years. Money that you intended for family and good causes may go to pay lawyers. Additionally, if you have young children, unless you name their guardians in a will, a court will do it. And what about your pets? Their future is up for grabs if your will doesn’t spell it out.

To truly sort out your estate planning, prepare these nine documents, and your heirs will thank you eternally:

1.       Will- A will gives you a voice when you’re gone. You can appoint guardians, distribute your possessions, and make requests.

2.       Trust- A trust allows you to pass assets your heirs, sidestep probate court, reduce your estate tax, and minimize potential lawsuits.

3.       Healthcare Power of Attorney & Living Will-  These documents allow you to name someone to make medical decisions for you and enforce your wishes about treatments.

4.       Dependable Power of Attorney- This allows you to appoint someone you trust to make legal decisions if you can’t.

5.       Beneficiary Designations- This document names beneficiaries who will inherit your assets.

6.       Life Insurance- If you purchase life insurance, it will help those who would be financially devastated by your death pay for expenses.

7.       Provision for Digital Assets- This document outlines what you want done with your computer’s hard drive, electronic photos, data stored in the cloud, and online accounts once you've passed. Be sure to include passwords!

8.       Letter of Intent- A letter of intent is used to convey private requests, thoughts, wishes, or other information.

9.       List of documents- Make a list of the important stuff: Life insurance policies, deeds, pensions, retirement accounts, bank accounts, all of it. Include account numbers & passwords and where they’re stored.

If you have questions and would like to meet with a financial representative, Honor Financial Group is a great first step.  Give us a call to set up an appointment today. 

 

And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to 97.5 Y-Country's Mark Durocher & Honor Credit Union's Greg Hildebrand talk about Estate Planning, click on the Mason Jar Monday episode below!

 

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.  Honor Credit Union and Honor Financial Group are not registered broker/dealers and are not affiliated with LPL Financial.

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