It can be difficult to plan out your estate because of the large number of documents that you must organize. To keep the process manageable, it is helpful to place all of your documents in a binder that is easy to flip through. Simply writing down the location of your belongings on a piece of paper is better than nothing, but a binder is more difficult to lose. Even better is if you are able to make several copies of your documents to place in several binders so these can be handed to different family members. What is also important is what you include in these binders.
Include the documents needed for your insurance policies with coverage information and a list of any medications.
Have a document that clarifies your funeral plans and wishes. Any wills, deeds, and trusts should be included as well as any previous copies of your will. If an attorney or law firm assisted you in creating a trust, include the name of the attorney or law firm with your documents.
Any other sources of income such as retirement accounts or pensions need to be included. Your binder should also have information for any financial accounts you have, such as bank, mutual fund, and money market accounts. Any information about stocks and bonds you own should be in there as well.
Keep records of any valuables that you have contained in safes or safe deposit boxes. Also, if there are any valuables that are stored in a hiding spot, make sure to include the location of these valuables. Any keys associated with these containers or the location of these keys needs to be added to the binder so the valuables can be accessed. Any important pieces of family history that you would like to protect need to be recorded, such as family photographs and heirlooms. Also, include any computer information such as passwords.
The Power Of Attorney
If anyone is appointed power of attorney, this individual's name needs to be included. The documentation associated with the power of attorney must also be added.
If you have put together a binder, it is a great idea to bring this binder to your estate planning lawyer. He or she can make sure that you have all of the necessary documents for planning your estate and can use these documents to more effectively assist you in planning your estate. For more information, contact local professionals like Benson Bonnie M PA.
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